Companies: Coronavirus

Department for Business, Energy and Industrial Strategy written question – answered on 9th June 2020.

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Photo of Lee Anderson Lee Anderson Conservative, Ashfield

To ask the Secretary of State for Business, Energy and Industrial Strategy, what plans he has bring forward legislative proposals to ban companies from profiteering during the covid-19 outbreak.

Photo of Paul Scully Paul Scully Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy), Minister of State (London)

The Government remains committed to tackling consumer rip-offs and bad business practices, including profiteering.

The Competition and Markets Authority (CMA) has written to firms suspected of profiteering to challenge unjustifiable price increases. To date, the CMA has written to 264 firms, accounting for over 3,100 complaints, about price rises for essential products.

The Government continues to monitor the extent of profiteering and will update the law if it is proportionate to do so.

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