Chancellor Rachel Reeves is reported to be backing away from a proposed “Soviet-style” shopping price cap plan after criticism from supermarkets and the Bank of England. According to the accounts provided, the government is expected to avoid referencing the proposal in a major speech later on, including discussion of how it plans to respond to inflation pressures described as a possible “Trumpflation” effect. The reports attribute the change in approach to backlash from retailers and concern from the central bank, suggesting the policy faced objections on feasibility or potential consequences. While the sources do not provide full policy details, they indicate Reeves is leaving the idea off the agenda for the upcoming address and focusing instead on other measures to address the inflation outlook. The coverage frames the decision as a retreat from a specific plan rather than an announced replacement policy. Overall, the information points to a policy reversal influenced by stakeholder and central bank responses, alongside attention on the inflation challenge ahead.