Reeves urged to cut supermarket energy bills to battle food price rises [Yahoo! Finance]
TESCO PLC S/ADR (TSCDY)
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Source: Yahoo! Finance
Rachel Reeves has been urged to axe green levies from supermarket energy bills if she wants to keep the cost of shopping down for families. Supermarket bosses told the Chancellor on Wednesday that she should look at “domestic policy levers” to cool inflation , as the war in Iran threatens to send food prices surging. Executives are understood to have presented Ms Reeves with a “menu” of potential tax cuts and regulations that could be scrapped or delayed to help keep food prices down. These included lowering their energy bills by removing various government-imposed levies and standing charges. Extra costs, which include green levies , account for up to 65pc of retailers' total energy bills – meaning that as little as 35pc of their bill is the actual cost of the energy. Stuart Machin , the boss of Marks & Spencer, said last week that energy tariffs were designed to “fund [Labour] policies” and were “just not sustainable for UK businesses”. The meeting came just hours after t
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