Jeremy Hunt's Urgent Meeting with CMA, Ofgem, Ofwat, and Ofcom: Addressing 'Profiteering' Concerns
Jeremy Hunt's Urgent Meeting...
Subscribe to Newsletter

Jeremy Hunt's Urgent Meeting with CMA, Ofgem, Ofwat, and Ofcom: Addressing 'Profiteering' Concerns

26 June 2023
2149
2 min.
5
Jeremy Hunt's Urgent Meeting with CMA, Ofgem, Ofwat, and Ofcom: Addressing 'Profiteering' Concerns

Battle Against Inflation

Chancellor Jeremy Hunt has organized a meeting with industry regulators to tackle the problem of price hikes driven by rampant inflation.

The meeting, happening on Wednesday, will involve representatives from the Competition and Markets Authority (CMA) and regulators for energy, water, and communications. The main focus of this meeting is to investigate possible profiteering concerns in these sectors and assess the steps being taken to resolve them.

The decision to convene this meeting stems from the Bank of England's suggestion that certain retailers have been increasing prices or failing to pass on reduced costs to consumers, all in an attempt to boost their profit margins amidst stubborn inflation. Prime Minister Rishi Sunak has urged retailers to exercise responsible and fair pricing practices, highlighting the burden of excessive increases in household weekly shopping bills.

The comments made by government officials have sparked industry backlash, but the British Retail Consortium (BRC), the leading trade body representing the sector, strongly asserts that supermarkets have consistently implemented a "regular stream of price cuts." This commitment remains intact, even as they operate with remarkably tight profit margins.

Inflation and Interest Rates

Last week's official figures revealed that consumer prices index inflation held steady at 8.7% in May, defying expectations for a decrease. As a result, the Bank of England unexpectedly increased interest rates to their highest level in 15 years in an effort to manage inflation. Despite the impact on mortgage-holders, Prime Minister Sunak underscores the importance of addressing inflation with no viable alternatives.

Addressing the Mortgage Crisis

To address the mortgage crisis, Chancellor Jeremy Hunt recently reached an agreement with banks. The measures include providing borrowers with the option to extend the term of their mortgages or temporarily switch to an interest-only plan, offering relief and flexibility during these challenging times.

Conclusion

Chancellor Jeremy Hunt addresses inflation-driven price increases with industry regulators, despite industry backlash. Bank of England's interest rate hike aims to control inflation. Measures are implemented to alleviate the mortgage crisis.

Persons2 and Companies3 in the news

Chancellor of the Exchequer
1 place
Chancellor of the Exchequer
2 place
Bank of England
3 place
Section:
Source foto:
flickr.com
Rating companies
Instagram
18 Mention
ITV
12 Mention
Daily Mail
9 Mention
Labour Party
6 Mention
X (Twitter)
6 Mention
Channel 4
6 Mention
The Sun
6 Mention

ENGLAND NEWS


News GlobalEng.biz -this is the latest and most up-to-date information about the resonant events that have occurred in the region. The task of the resource's news feed is to convey to readers information about important events in business, politics, economics, healthcare, culture and other spheres of life in England with maximum accuracy and objectivity.
News GlobalEng.biz - this is coverage of the economic processes taking place in England, the latest news of public life, incidents and an overview of political events. English news is information about the activities of small and medium-sized businesses, the work of housing and communal services, the implementation of significant projects. The site's journalists describe not only the life of the region, but also talk about the current state of the English economy. Everything you need to know about innovations in the field of industry and agriculture, economy and government is collected in the "News" section on GlobalEng.biz.
News of England promptly informs the reader, shows the real picture and opens up topical topics. Communication with government structures and business gives us the opportunity to provide our readers with reliable, information-rich material.
The main page of the portal contains the key news of England!
Alena Potapova

Development Director
Population
8131977448
Died this year
27501714
Born this year
67659084