Labour's plan to introduce a price cap on basic foods has been met with resistance from an unexpected quarter - the CEO of Marks & Spencer, Stuart Machin. Speaking out against the proposal, Machin pointed out that he would be making a loss on products such as milk, bread, and bananas.
Under Labour's plan, retailers would be forced to sell essential items at a set price, with the intention of helping low-income households. However, Machin argued that this would be unsustainable for his business and could lead to job losses and increased prices.
Machin's comments come as Labour's leader, Keir Starmer, is under pressure to clarify the details of the plan. While the exact method of implementation is still unclear, it is understood that Labour is considering a range of options, including a statutory cap on prices or a voluntary agreement with retailers.
The opposition Conservative Party has already expressed its concerns about the plan, warning that it could lead to shortages and price increases. Tory MPs have called for further evidence on the impact of the plan, saying that Labour has not provided sufficient data to support its proposals.
The debate over Labour's price cap plan is set to continue, with Machin's comments adding to the growing chorus of criticism. As the UK grapples with the cost of living crisis, the implications of this plan will be closely watched by consumers and businesses alike.