Wednesday 01 April 2026 5:48 am  |  Updated:  Tuesday 31 March 2026 11:12 am

Forget ‘price gouging’ – this is where competition is really failing

By: Paul Ormerod

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Rachel Reeves is scapegoating supermarkets for rising oil prices while ignoring algorithms that can learn ant-competitive pricing strategies, says Paul Ormerod

The government is desperately trying to convince the public that it is doing something about the potential economic crisis which is unfolding.

The public finances are a severe constraint on its ability to throw cash at the problem. The yield on the benchmark 10-year UK government bond has already been above five per cent, higher than it was under the ill-fated premiership of Liz Truss.

And no government can escape the basic fact that, as an energy consuming nation, the rise in world energy prices has reduced our national income.

In time-honoured fashion, the government is looking for scapegoats.  

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