The $3.7 billion price tag for food price increases

Ahead of the Labour plan , the rate of food price increases has risen to 3.7 per cent in April, and could reach almost 10 per cent by the end of the year due to the Strait of Hormuz blockade, according to reports.

The Treasury's proposal to cap the prices of everyday essentials such as eggs, bread, and milk in return for easing regulations has been met with fierce opposition from retail bosses.

'Stuff and nonsense' is what Lord Stuart Rose labelled the cap when speaking to BBC Radio 4's Today programme, while M&S boss Stuart Machin also branded the propsoals 'completely preposterous'.

The SNP's Scottish precedent

The news follows the opposition from the SNP administration in Scotland, which had previously planned to use health powers to cap the price of everyday essentials , only to be warned by Downing Street that the move was 'incoherent and undeliverable'.

Former Asda chairman and Tory peer Lord Stuart Rose has also spoken out against the plan, calling it 'stuff and nonsense'.

Who is behind the Treasury's proposal?

The Agriculture Secretary, Liz Truss, has called the proposals 'silly and misguided', but the Treasury remains tight-lipped about who is behind the plan.

As the debate rages on, one thing is clear: the retail industry is not happy with the Labour plan, and will stop at nothing to prevent it from becoming a reality.

The retail industry's fightback

Retail bosses have reacted with fury to the Labour plan, with M&S boss Stuart Machin branding the proposals 'completely preposterous'.

The industry is now gearing up for a fightback, with many calling for the government to reconsider its plans and focus on more effective solutions to the rising cost of living.

The industry's concerns

  • The cap could lead to a shortage of essential items, as retailers struggle to maintain profitability.
  • The plan could also lead to a rise in black market activity, as consumers seek to avoid the cap.
  • The cap could also have unintended consequences , such as a rise in food waste, as retailers struggle to manage stock levels.