Supermarkets should use mega-profits to cut prices, says Jacob Rees-Mogg

SUPERMARKETS should cut prices to help living costs, Jacob Rees-Mogg has said.

Sainsbury’s, which yesterday reported a £730million profit, and Tesco risk losing shoppers if they don’t.

Mr Rees-Mogg wants to slash taxes quickly but admitted the Government “can’t be cavalier”.

He is binning plans for checks on EU imports — saving £1billion a year and keeping down the price of favourites like fish fingers.

He said: "One of the things we are doing in not having these checks is keeping the price of fishfingers down."

Cabinet ministers are under orders to find new ways to reduce costs for struggling Brits.

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Rees-Mogg said: “More people are shopping in Aldi and Lidl.

"If the mid-tier supermarkets are making exceptional profits, then people will go to places that are cheaper."

He added: "I think we should aim to get the burden of taxation down and that should be a real objective of all Conservative governments.”

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