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Supermarkets face huge fines

Competition

Britain’s big supermarkets are facing substantial fines after being accused of fixing the prices of milk, butter and cheese with the dairy industry – reports The Guardian.

The alleged price collusion is estimated to have cost consumers £270 million ($539.5 million) in higher prices, the Office of Fair Trading said today. It named Asda, Morrisons, Safeway, Sainsbury’s and Tesco, as well as dairy processors Arla, Dairy Crest, Lactalis McLelland, The Cheese Company and Wiseman. The supermarkets denied the accusations this morning and said they would put up a “vigorous defense” against the consumer competition office’s claims. But, in a tough statement this morning, OFT director Sean Williams was highly critical of Britain’s big food retailers, saying it was a “very serious” case that cost consumers. (read full article)

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