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Pricing Cutting Won’t Solve the Economic Crisis

In 12 months, the UK will be gearing up for a general election, and the themes that will define it are already emerging. While immigration and the NHS remain key battlegrounds between the parties, one area dominates – the economy. A glance at recent IPSOS polling shows the scale of the problem. Sitting first and third as the most important issues facing Britain today according to voters are inflation and the economy, respectively. Reacting to this, politicians are putting pressure on retailers to cut their prices and introduce reductions. In May, we even heard warnings from The UK Chancellor, threatening new laws to set price caps for essential food items.

Yet while cutting prices can lead to short-term relief, it does not provide the long-term solution that retailers and consumers desperately need.