![\"Starmer](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2026\/03\/GettyImages-2237711500-1.jpg\")
\t\tReeves is under pressure from retailers. (Image: Getty)\t<\/p>\n\t\t\tSaturday 28 March 2026 11:09 am\n\t\t\t<\/p>\n
\t\tReeves is under pressure from retailers. (Image: Getty)\t<\/p>\n
Chancellor Rachel Reeves\u2019 push to crack down on \u201cprofiteering\u201d among retailers has led to backlash across industry as suppliers are warning of shortages on the horizon.\u00a0<\/p>\n
Reeves has been warned by industry<\/a> bosses that the focus on profiteering lacked justification and was part of a political ploy ahead of crucial elections in May.<\/p>\n Asda boss Allan Lieghton said there was \u201czero credibility\u201d in ministers\u2019 profiteering claims against retailers and said the campaign was a \u201cwaste of time\u201d.\u00a0<\/p>\n He added: \u201cThankfully we\u2019ve all got better things to do than play that particular political shenanigan game.\u201d<\/p>\n Marks & Spencer boss Stuart Marchin also said \u201cpolicy costs\u201d on retailers had pushed up energy bills, pointing the finger directly at the government.<\/p>\n Supermarket<\/a> bosses also snubbed a meeting with the Chancellor, forcing the Treasury to postpone a meeting that was scheduled for Thursday.\u00a0<\/p>\n Industry sources told the Telegraph that the meeting was \u201cperformative\u201d and said retailers were unhappy about its scheduling.\u00a0<\/p>\n Iceland executive chairman Baron Walker, who donated to Labour ahead of the last General Election, has remained on-side and attacked energy companies directly.\u00a0<\/p>\n Kyle insists \u2018profit is good\u2019<\/p>\n Government ministers are now under pressure to stick to their top priority, their pro-growth mission, amid fears a new \u201canti-profiteering framework\u201d could add to red tape on businesses.\u00a0<\/p>\n \t\t\t\t\tRead more<\/p>\n \t\t\tAsda boss says \u2018plenty to do\u2019 in turnaround after sales drop<\/a><\/p>\n \u201cProfit is good, and the hard work that our businesses and the people who work in them and run them and found them, should be rewarded with profit,\u201d business secretary Peter Kyle<\/a> told City AM.\u00a0<\/p>\n \u201cBut where we see a minority exploiting war for profiteering purposes, then you require a government to act in the interests of the economy and our society.<\/p>\n \u201cToo often, when we look at the crises in recent decades, from the financial crisis to the COVID crisis, we saw people exploiting those crises for personal gain, and almost no consequence for it.\u201d\u00a0<\/p>\n Kyle later interrupted a question to add: \u201cWhen it comes to growth, regulatory reform, investment in scale-up, being on the side of those high-growth sectors in terms of investing in innovation, we double down on them in times like this. Because we have something \u2013 a global force that might challenge growth \u2013 it doesn\u2019t mean that we shelve [the mission].\u201d<\/p>\n Reeves\u2019 package could \u2018pay for itself\u2019<\/p>\n