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M&S and ex-ASDA boss issues bleak warning to every shopper in Britain

The chairman for M&S has issued a bleak warning. His message will affect everybody who buys food at Marks and Spencer in the UK.

Archie Norman, who has chaired M&S since 2017, admitted that food prices are set to soar by as much as 10% this year - a warning that comes a day after Andrew Bailey, Governor of the Bank of England, warned that households could witness an “apocalyptic” shock from rampant food inflation.

Mr Norman, who was previously the boss of Asda, said food prices would increase further during the rest of the year. “It’s very negative for consumer discretionary income but it’s perhaps not apocalyptic,” he told BBC Radio 4’s Today programme.

READ MORE: ASDA shoppers call for staff to be fired over 'unethical' £1.75 Jubilee party item

“It wouldn’t be surprising to see food price inflation over the course of the year running towards eight per cent to 10%. But we don’t know that yet because it runs through the year – some has run through now but there is quite a lot still to come.”

Analysts have predicted that overall inflation could rise sharply to 9.1% for April, when the latest official data is unveiled by the Office for National Statistics (ONS) on Wednesday.

The ONS reported 5.9% food inflation in March and this is expected to have accelerated last month. The supermarket executive, who was also previously a Conservative MP, said grocers have had to pass some cost inflation onto customers but said spending has been bolstered by customers’ savings built up during the pandemic.

What do you think of his comments? Have your say below.

Mr Norman said: “What’s happening is global prices are rising, it’s not to do with UK food so much as the effect of freight costs, wheat prices, oil and energy prices

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The chairman for M&S has issued a bleak warning. His message will affect everybody who buys food at Marks and Spencer in the UK.
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Watch Viggo Mortensen and Kristen Stewart in ‘Crimes of the Future’ trailer
Kristen Stewart and Léa Seydoux star in David Cronenberg’s new body horror Crimes of the Future – check out the trailer below.The film marks Cronenberg’s first horror and sci-fi project since his 1999 film eXistenZ, and will premiere at this year’s Cannes Film Festival.Crimes of the Future will compete for the Palme d’Or in this year’s Official Selection in Cannes.Watch the new trailer here:An official synopsis for Crimes of the Future reads: “As the human species adapts to a synthetic environment, the body undergoes new transformations and mutations.“With his partner Caprice (Léa Seydoux), Saul Tenser (Viggo Mortensen), celebrity performance artist, publicly showcases the metamorphosis of his organs in avant-garde performances.“Timlin (Kristen Stewart), an investigator from the National Organ Registry, obsessively tracks their movements, which is when a mysterious group is revealed… Their mission – to use Saul’s notoriety to shed light on the next phase of human evolution.”Meanwhile, Avril Lavigne recently said she wants Kristen Stewart to play her in a biopic.While on the red carpet at the 2022 iHeartRadio Music Awards, the singer was asked about who she’d want to play her in a movie about her life. After a pause, Lavigne said: “Like Kristen Stewart would be cool to play me in a film.
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