In response to inflation pressures, the UK is expanding market regulation powers to crack down on price gouging.
British Chancellor of the Exchequer Rishi Sunak stated that in the face of continuing high living costs pressure, the UK government will give greater authority to market regulatory agencies to strengthen regulation and crackdown on unreasonable price hikes by businesses. Sunak stated that the UK government will introduce a new "anti-profiteering" regulatory mechanism, granting greater enforcement powers to the Competition and Markets Authority and other regulatory bodies to facilitate faster verification of price spikes and review of company profit levels when supply chains are disrupted. Under the new mechanism, regulatory agencies may also disclose data on changes in the profits of non-compliant businesses; in serious cases, relevant departments can halt businesses' unfair pricing practices and impose fines.
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