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UK consumer watchdogs will set out plans to ease the burden of rising prices, Rishi Sunak said.
Chancellor Jeremy Hunt called in the chiefs of the main economic regulators for crisis talks about protecting people from the impact of high inflation.
He questioned the Competition & Markets Authority, and the regulators for the energy, water and communications sectors at No 11 Downing St on Wednesday morning over what powers they can use to help lower prices amid accusations firms could be profiteering through price hikes.
At Prime Minister’s Questions, Sunak told MPs: ‘The chancellor met with all the economic regulators this morning and they will be making an announcement later about their plans to ensure fairness of pricing and supply chains to ease the burden on consumers.’
Hunt met with chief executives including the CMA’s Sarah Cardell, David Black of Ofwat and Jonathan Brearley of Ofgem.
It comes as Britons have witnessed rampant inflation through sharp jumps across a raft of their household bills, at the same time they swallow soaring mortgage costs due to higher interest rates.
By David Hughes, Holly Williams and Henry Saker-Clark, PA
Press Association: Finance
source: PA
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