The UK’s “golden era” of cheap food is coming to an end, the former Sainsbury’s boss Justin King has warned, saying households should be prepared for higher grocery bills in the long term.
King claimed supermarkets could not be expected to absorb the extra costs entirely or protect consumers from rising prices, despite having announced higher earnings. Last month, Tesco and Sainsbury’s reported a doubling in their annual pre-tax profits to £2bn and £730m respectively.
