Rogue Firms Ripping Off Customers Amid Virus Face U.K. Crackdown

(Bloomberg) --

The U.K.’s competition watchdog is cracking down on businesses exploiting the coronavirus pandemic by charging excessive prices for goods such as hand sanitizer or making misleading claims.

The Competition and Markets Authority said it’s setting up a Covid-19 taskforce to identify harmful sales and pricing practices. The regulator threatened to punish firms that fail to respond to warnings.

“We hope that such action will not be necessary, but we will do whatever is required to stop a small minority of businesses that may seek to exploit the present situation,” Andrea Coscelli, chief executive officer of the CMA, said in a statement.

States Chase Price Gougers as Almost 6,000 Complaints Pour In

The coronavirus pandemic has killed more than 10,000 people, according to data from Johns Hopkins University, and the World Health Organization said the disease is now infecting people at a faster pace. While health agencies struggle to contain the virus, citizens have raced to stock up on food and other essential items, often leading to empty supermarket shelves.

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