Former Sainsbury’s CEO King says UK’s ‘golden age’ of cheap food is over
The former head of the second largest trading network in Britain Sainsbury’s Justin King said that the country ends the “golden age” of cheap food. The businessman told about it in his interview to The Guardian.
The former head of Sainsbury’s and a member of the supervisory board of Marks & Spencer said that supermarkets in Britain are unlikely to protect their customers from rising food prices due to increased incomes. Citizens will have to choose where to spend their money, which is not easy against the backdrop of rapid inflation.
Meanwhile, the Bank of England has previously estimated that inflation in the country in 2022 will exceed 10 percent, which would be the highest rate since 1982. King therefore declared the end of the “golden age” of cheap food in the U.K.
“Perhaps the golden era is behind us. We have never before spent less on food than we do now, and the decline has been long and gradual. So I suspect that spending on food will rise in the long run. Historically, it won’t be much, but it will still require adjustments to family budgets,” said the former Sainsbury’s chief executive.
According to the specialist, many families will be short of funds for food, so the authorities will have to introduce benefits for poor households. However, such an intervention should be targeted, as it would require “extraordinary amounts of money” to change the situation.
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