Sir Keir Starmer’s cost of living tsar has suggested that the British government should impose a temporary profit cap on energy companies and petrol retailers to curb “profiteering” during the current surge in energy prices triggered by the Iran war.
Lord Richard Walker, executive chair of Iceland supermarkets who was appointed to his government role last month, proposed a profit cap which would limit the earnings those companies could make during exceptional market conditions.
Walker said he was not in favour of the Green party’s suggestion of a comprehensive, open-ended energy price cap, warning that it could lead to “disastrous consequences such as rationing”.
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