Call for food price caps ‘completely preposterous’, says M&S boss

M&S says it has already lost money on some basic items such as milk, bread and baked beans and made very slim profits on products such as eggs and sugar. Photograph: David Willis/Alamy

The boss of Marks & Spencer has called a government proposal for voluntary price caps on essential food items “completely preposterous”, saying it should reduce tax and regulatory burdens instead.

Stuart Machin, the chief executive of the clothing, homewares, food and beauty retailer, said M&S already lost money on some basic items such as milk, bread and baked beans and made very slim profits on other products such as eggs and sugar.