LONDON, June 27 (Reuters) - Britain's two biggest supermarkets Tesco and Sainsbury's are not in favour of price caps on essential items, executives said when asked about the issue at a parliamentary committee examining inflation and retail profits.
"We don't believe price caps would be helpful," Tesco's commercial director Gordon Gafa said on Tuesday.
Sainsbury's food commercial director Rhian Bartlett agreed: "My observation would be this is fiercely competitive as a market. We're generally considered one of the most competitive food markets in the world. I'm not sure what price caps would add to that process, other than bureaucracy." (Reporting by James Davey and Sarah Young; Editing by Kate Holton)
Tesco (TSCO)
Sainsbury's (SBRY)