Supermarket bosses have reportedly snubbed an invitation from Shadow Chancellor Rachel Reeves to discuss grocery prices amid rising tensions between the Labour Party and the business sector.
The proposed meeting, intended to address concerns about inflationary pressures, was met with reluctance from several chief executives, with only Morrisons boss Rami Baitiéh reportedly accepting the invitation. Senior figures from Sainsbury’s, Asda, and M&S cited diary clashes as reasons for their inability to attend, planning to send more junior representatives instead.
However, sources suggest that the lack of attendance stemmed from a deeper frustration among business leaders. One grocery insider described the meeting as potentially hauling CEOs "over the rocks for profiteering," while another labelled it as "performative," suggesting a lack of genuine effort to accommodate the meeting in executives’ schedules.
Baitiéh’s intention to attend was reportedly driven by a desire to highlight the pressures faced by supermarkets. By Wednesday lunchtime, the Treasury recognised the lack of VIP attendees would undermine the meeting’s purpose of demonstrating accountability over rising prices. Consequently, the meeting was postponed, according to sources. The official explanation is that it has been delayed.
This incident underscores the growing discord between the government and business leaders. Initial optimism following Labour’s rise in the polls has reportedly soured into disappointment as the party has failed to deliver on pro-growth promises, instead imposing tax increases.
The situation has deteriorated further since the onset of the Middle East crisis, with Reeves and other ministers publicly cautioning businesses against price gouging amid rising fuel, mortgage, and food costs. Business leaders, however, feel they are being unfairly scapegoated for a global energy crisis and used as a distraction from calls for government assistance to struggling households.
Frustrations are now reaching a boiling point, with executives openly criticising the government. M&S’s Stuart Machin recently voiced his discontent, blaming government-imposed levies for escalating energy bills.
