Chancellor Jeremy Hunt has met with the UK’s regulators amid concerns that businesses are not passing on easing cost pressures to consumers fast enough. Communication regulators at Ofcom are also facing scrutiny over mid-contract price increases of up to 17.3% for millions of mobile phone and broadband customers. He is expected to back a CMA review of food prices and reportedly sees regulators playing a central role in helping curb inflation. The chains added they were not in favour of a cap on the price of basic food items, recently considered by the Government. He said “inflation is the enemy” as he defended the Bank’s rate hike, even as it piled pressure on mortgage-holders.

Source: The Times June 28, 2023 10:39 UTC