Chancellor John Healey has decided to play supermarket sheriff, declaring the government is ready to swoop in and stop the public from "being taken for a ride at the pump or the till" as the Iran war continues its unwelcome cameo in the UK economy. In a weekend column, he assured us there's "no significant evidence of so-called price gouging" - yet, but ministers are "watching closely" for any signs of profiteering. Because nothing says 'we trust you' like a threat.

Healey is walking an economic tightrope as the energy price shock from the Middle East conflict reignites the cost of living crisis. Last week, the Bank of England kept interest rates on hold, warning that an escalation in the Iran war could push inflation above 4% next year. That's the kind of forecast that makes households check their bank balances and sigh.

"The conflict affects our national security, our UK bases, personnel and allies in the Middle East," Healey wrote in the Sunday Telegraph, "but it also threatens our economic security: impacting the family finances of millions of British people." He also acknowledged that businesses are feeling the pinch, noting that "conflict and uncertainty increases inflation, threatens growth and pushes up costs for businesses and governments alike."

His comments on profiteering have set the stage for a fresh war of words between the government and retailers. Remember when Rachel Reeves, then chancellor, floated a cap on food prices to curb inflation? That went over like a lead balloon, with Stuart Machin, chief executive of Marks & Spencer, calling the plans "completely preposterous." Now, the British Retail Consortium is suggesting Healey focus on the real culprits: tax increases, including employers' national insurance and business rates.

Andrew Opie of the British Retail Consortium, which represents big names like Sainsbury's, Tesco, and Asda, fired back: "Supermarkets operate in a highly competitive environment, delivering the most affordable food in western Europe. The government's independent competition regulator, the CMA, has repeatedly found that fierce competition between retailers, not government action, has kept food prices as low as possible." Translation: We're already doing our part, thanks.