The Government is looking at new “wartime” powers to set a maximum price for certain foods and products in order to stop companies from profiteering amid the coronavirus outbreak. Boris Johnson , the Prime Minister, said he was examining “the legislative framework … to prevent profiteering, just as happened in wartime many many years ago”. There have been reports that the prices of some everyday food and other products, such as hand sanitiser, being increased as stocks have run low . Speaking at Number 10, Mr Johnson said: “I dislike it [profiteering] very much, and I do not want to see people profiteering or exploiting people’s need at a critical time and a national emergency. “So we are indeed looking very carefully at what is going on. The Competition and Markets Authority (CMA) already has various powers that it may use, but we are looking at the legislative framework to see what may be necessary to do to prevent profiteering, just as happened in wartime many many years ago.” The Government brought in maximum price controls during the Second World War in order to prevent businesses from profiteering. In one case, Blaydon District Industrial and Provident Society in Newcastle was… Read full this story
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