Retail Detail... and Luxury (M&S FY results, UK food price caps, EU fertiliser stockpiling)

研报英文原文证据摘录

Retail Detail... and Luxury (M&S FY results, UK food price caps, EU fertiliser stockpiling)

et by lower regulatory costs) we

think government intervention in market pricing and government insinuation that grocers are

responsible for inflation will weigh on investor sentiment. As a reminder, government policy

(e.g. National Insurance contributions, packaging tax) cost UK retailers an estimated £7bn in

2025 (BRC). UK grocers make low to mid-single digit operating margins. The SNP recently said it

would cap prices on up to 50 essentials. Institute for Fiscal Studies flagged risks to availability if

enacted. The BBC reported this morning that the British Retail Consortium has said it opposes

the price caps. Treasury minister Dan Tomlinson told Sky News this morning that "The

Government is not looking at doing this" and did not confirm whether there had been

conversations with grocers about introducing such measures.

UK inflation rate slows to +2.8% in April. Figures out this morning from the UK’s Office for

National Statistics reveal the UK’s inflation rate slowed to +2.8% in April from +3.3% in March.

This was lower than private sector and Bank of England economists' expectations of 3%,

according to Bloomberg. Food and Non Alcoholic Beverage inflation slowed from +3.7% in

March to +3.0% in April.

European Commission exploring stockpiling fertiliser. The European Commission is

exploring stockpiling fertiliser supplies and boosting European production as it assesses

"preparedness options for key fertilisers", including requiring member states to have seasonal

or minimum stocks, the FT reported yesterday. Commission for agriculture Christophe Hansen

said: "Food security starts with fertiliser security. Europe must produce more and depend less