FOOD & DRINKRetailers hit back at Chancellor John Healey over cost of living commentsRetailers have hit back following the new Chancellor of the Exchequer’s comments on the cost of living over the weekend, in which he said the Government would be watching out for signs of “price-gouging” and shoppers being ripped off. “The Government’s independent competition regulator, the CMA (Competition and Markets Authority), has repeatedly found that fierce competition between retailers, not government action, has kept food prices as low as possible.” As John Healey explores his new residence, he needs to look a bit closer to home to lower the cost of living.” Earlier this year, Healey’s predecessor Rachel Reeves suggested that supermarkets cap food prices to help limit inflation due the Iran war. However, this sparked a backlash from retailers with Stuart Machin, chief executive of M&S, describing the the proposal as “completely preposterous”.