The Guardian says the end of the golden era of cheap food in the UK
The former head of the UK’s second largest retail chain, Sainsbury’s Justin King, said the country is ending the “golden age” of cheap food. About this businessman told in an interview with The Guardian.
The former head of Sainsbury’s and a member of the supervisory board of directors of the Marks & Spencer chain said that British supermarkets are unlikely to protect their customers from rising food prices thanks to increased income. Citizens will have to choose where to spend their money, which is not easy given the rapid inflation.
At the same time, the Bank of England previously assumed that inflation in the country in 2022 would exceed 10 percent, which would be a record since 1982. Therefore, King declared the end of the “golden age” of cheap food in the UK.
“Perhaps the golden era is over. We have never spent less on groceries than we do now, and the decline has been long and gradual. So I suspect food costs will go up in the long run. Historically, this will not be very much, but it will still require adjustments to the family budget, ”said the ex-head of Sainsbury’s.
According to the specialist, many families will experience a shortage of funds for food, so the country’s authorities will have to introduce benefits for needy households. However, such intervention should be targeted, as “extraordinary sums” would be required to change the situation.
Formerly a million Britons predicted a quick life in poverty. According to Bloomberg, this will happen in 2023.