"I have asked the government to consider a temporary profit cap to stop producers and retailers exploiting the crisis to make windfall profits at the expense of consumers, Walker wrote in a column in the Sunday Times."
"As executive chairman of a retailer, I have no problem with profit. It's what allows businesses to invest, employ people and pay tax. But I do have a big problem with profiteering, especially when families are under real pressure."
"The world uses about 100m barrels of oil a day. We've lost about 20% of that through the strait of Hormuz. The loss of gas through the strait of Hormuz being closed is about three or 4% of global gas."
Richard Walker has urged the government to consider a temporary cap on profits for energy and petrol companies due to rising prices linked to the Middle East conflict. He expressed concern over companies exploiting the crisis for windfall profits while families face financial pressure. Walker emphasized the importance of profit for business sustainability but condemned profiteering during difficult times. The call for a profit cap comes amid discussions about easing the UK's windfall tax on energy profits, especially following recent geopolitical tensions affecting oil and gas supplies.
Read at www.theguardian.com
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