UK Should Consider Cap on Energy Profits, Adviser Says

The UK should consider temporarily capping the profits of energy companies to protect consumers as prices spike in the wake of the Iran conflict, a top government adviser said on Sunday.

Richard Walker, the chairman of supermarket chain Iceland Foods Ltd who was recently appointed as the government’s cost of living czar, said a short-term cap could prevent “profiteering” from the crisis, which has driven up energy prices after Iran blocked the Strait of Hormuz, a crucial shipping route for Europe’s oil and gas.