LATEST the Government is looking at new wartime powers to set a maximum price for certain groceries and foods to stop companies profiteering during the #coronavirus crisis. 1/3
Boris Johnson said he was looking at "the legislative framework ... to prevent profiteering just as happened in wartime many many years ago".
Currently the Competition and Markets Authority already has a taskforce looking at price gouging. 2/3
Currently the Competition and Markets Authority already has a taskforce looking at price gouging. 2/3
The CMA tonight backed the PM's call for a new law on price gouging.
A spokesman said: "We agree with the Prime Minister that there could be a role for further legislation to tackle unjustifiable price rises in the Coronavirus outbreak." 3/3
A spokesman said: "We agree with the Prime Minister that there could be a role for further legislation to tackle unjustifiable price rises in the Coronavirus outbreak." 3/3
Why? The CMA’s powers are extremely limited in terms of protecting consumers quickly and is not geared up for dealing with emergencies.
The CMA can ultimately only take action by pursuing wrongdoers to court in the hope that a judge will issue fines in a process that can months.
The CMA can ultimately only take action by pursuing wrongdoers to court in the hope that a judge will issue fines in a process that can months.
