JEREMY Hunt and consumer watchdogs today agreed an action plan to ensure food shoppers aren’t being ripped off.
The Chancellor met with water, food, energy and bank regulators in Downing Street this morning.
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With inflation stagnant at 8.7%, Mr Hunt told watchdog chiefs they must keep a close eye on supermarkets and banks to ensure customers aren’t being overcharged.
The chiefs were asked to do whatever they can to guarantee falling wholesale prices are being passed on to consumers.
Mr Hunt also said banking bosses should be monitored to check high interest rates are benefitting savers.
The regulators and Mr Hunt agreed to a range of steps to help keep big businesses and banks in line.
The Competition and Markets Authority (CMA) will have to help shoppers by bringing forward an update of pricing in supermarkets.
New reports will include analysis of food supply chains and measures to make it easier for customers to make the best choices.
Banks and building societies will be required to “explain the pace and extent of their pass through of interest rates” and how they are “proactively supporting savers” to switch to higher-rate products.
In a win for drivers, the CMA will need to publishing its long-awaited review of the fuel market on Monday.
The report will probe profit margins and whether fuel duty cuts are being passed on to motorists.
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The Chancellor said: “I am pleased we’ve secured agreement with the regulators to act urgently in areas where consumers need most support to ensure they are treated fairly.
“We are working hard to halve inflation this year and return to the 2 percent target. Businesses must play their part too and I will keep a watchful eye on the progress they make.”
