John Allan, who is the president of Tesco, a multinational groceries and general merchandise retailer, said that people in the United Kingdom are struggling to cope with increasing fuel and food prices as a result of inflation, according to The Times.
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Allan said that: “I was in some stores on Friday and I was hearing for the first time for many years of customers saying to checkout staff ‘Stop when you get to £40, I don’t want to spend a penny over that’.”
He continued by saying that: “I think that many of them are struggling to both be able to heat their homes and to feed their families.”
"And I think we’re seeing, you know, real food poverty for the first time in a generation,” Allan said.
The president of Tesco would like the government to intervene in order alleviate the pressure on those Britons who are struggling to survive; and Allan has proposed that the government make a U-turn on a planned payroll tax increase. Furthermore, he has also called for reforming rates relief, as consumers are butting back on spending: which means that smaller shops face the reality of going out of business.
The comments come after the Bank of England's severe warning that was issued this month: reporting that Britons would experience a “historic” shock to their salaries, as its forecast predicts that record levels of inflation will continue to rise. The central bank also said that the United Kingdom could go into recession this year; citing the cost-of-living crisis as the main trigger.