We will hammer the profiteers says Boris

BoRIS Johnson warned retailers they faced wartime-style laws if they seek to profiteer from the coronavirus crisis.

The Prime Minister said he ‘disliked’ the way some firms were apparently exploiting customers.

He said companies could face huge fines, and revealed he was looking at whether there needed to be tougher powers to crack down on profiteering – just as there were during the Second World War.

It came after some retailers – including Mike Ashley’s Sports Direct – were accused of putting up the price of many of its goods.

Mr Johnson said: ‘I dislike it very much and I do not want to see people profiteering, exploiting people’s need at a critical time, in a national emergency,’ he said.

‘We are indeed looking very carefully at what is going on. The Competition

and Markets Authority already has various powers that it may use but are looking at the legislative framework to see what it may be necessary to do to prevent profiteering, just as happened in war time many years ago.’

Downing Street confirmed that the competition watchdog is ready to act if businesses seek to exploit consumers during the outbreak.

‘The Competition and Markets Authority has created a specific Covid-19 taskforce to address and remedy concerns.’

The CMA had the power to issue ‘significant fines’, but further action could be considered.

Earlier this week Sports Direct was accused of raising the prices on a range of goods online, just hours after shops were forced to close.