UK ministers discuss voluntary price limits for basic foods but rule out imposing caps

The UK government is working with supermarkets to voluntarily cap the price of basic food items in an effort to ease the cost of living squeeze, but insists it is not considering imposing price caps.

With food and drink prices rising at the fastest pace in more than 40 years and no let-up in sight, the Treasury and supermarkets have been discussing a possible voluntary scheme for maximum prices for certain goods. These would be likely to…