Healey’s profiteering warning on food and fuel risks row with retailers

Chancellor says the government wants to prevent shoppers being ‘taken for a ride’ at the pump or till The chancellor, John Healey, has said the government is standing by to prevent the public from “being taken for a ride at the pump or the till” as the Iran war continues to hit prices. While he said there had been “no significant evidence of so-called price gouging” during the crisis, he used a weekend column to tell the big retailers that ministers were “watching closely” for any signs of profiteering. Healey faces a difficult economic balancing act as the energy price shock caused by the months-long conflict in the Middle East reignites the cost of living crisis. Last week the Bank of England kept UK interest rates on hold as it warned that a further escalation in the Iran war could drive inflation above 4% next year, adding to financial pressures on households. Healey’s comments came as a new report warned that UK economy could fall into recession next year if the crucial Strait of Hormuz remains closed into 2027 amid a prolonged conflict. The latest EY economic outlook warned that gross domestic product (GDP) could slow sharply to 0.5% this year and contract b