Government red tape and regulations are “driving up” costs for British food businesses, according to Iceland (The Times £). The frozen foods chain complained about cost burdens related to restrictions on the promotion of foods that are high in fat, sugar and salt, as well as proposed post-Brexit border controls, including the Windsor framework.
The Financial Times (£) reproduces Shore Cap analyst Clive Black’s attack on the government’s ‘small minded’ plan to cap the price of food staples. The full story is covered here by The Grocer.
Supermarkets have cut more than 7p a litre from the price of diesel since the UK’s competition watchdog warned it would question retail bosses about unnecessarily high forecourt prices, according to the RAC (The Guardian).
Household income after taxes and spending on essential bills has risen for the first time in 17 months as the soaring rate inflation slows down, new figures show. Spending power for British households returned to marginal growth in April for the first time since October 2021, according to the latest income tracker published by Asda (The Times £).
Britons’ inflation expectations have fallen to the lowest level in two years, even though consumer prices have stayed stubbornly high. A monthly poll of households undertaken by YouGov for Citigroup, the American investment bank, found that consumers thought long-run inflation over five to ten years would be 3.5%, down from expectations of 3.6% in April and the lowest reading since August 2021 (The Times £).
French inflation has hit its lowest level in a year as the country’s energy and food prices cooled (The Mail).
The boss of the B&M and Heron Foods has said the discounter is benefiting from cash-strapped customers trading down from more expensive rivals as the cost of living bites (The Times £).
Group sales in the year to 25 March rose 6.6% to around £5bn with the the FTSE-100 retailer buoyed by shoppers switching to cheaper alternatives, including own label goods, an area where B&M has performed well over recent years (The Mail).
WH Smith has raised its annual profit outlook as it bets on a travel boom this summer (The Times £).
The retailer’s total turnover increased by 23% year-on-year for the 13 weeks ending 27 May, with modest growth in high street trade complemented by a solid performance from its travel business (The Mail).
Tony’s Chocolonely has introduced a legal mechanism to prevent shareholders from rolling back on the company’s sustainability pledge (Sky News).
The former president of the CBI has been supported by 11 City figures after allegations were made about his behaviour towards women. The individuals have signed a letter stating that John Allan has been “publicly traduced” by allegations that he touched women inappropriately at events run by Tesco and the CBI (The Times £).
An article by consumer journalist in Harry Wallop in The Times (£) declares: “I’m falling out of love with Ocado (and I’m not alone).” “Has the company, the supermarket of choice to the quinoa-munching classes, supplying everything from Navarrico jarred chickpeas to Gail’s seeded crackers, lost its mojo?.”
A drinks company owned by Sean Combs, known as Diddy, has sued Diageo for alleged racial discrimination, arguing the global conglomerate has not adequately invested in brands associated with the rapper (The Financial Times £).
Sean Combs, the American rapper, actor, record producer who also has been known as Puff Daddy, P Diddy and Diddy, has accused Diageo of breaking the terms of their business partnership and of neglecting the tequila brand they had bought together, saying the company had done so because he is black (The Times £).
The Financial Times (£) has an interview with Childs Farm founder Joanna Jensen on her experiences in business.
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