August 22nd 2023.
Iceland is the first retailer to throw its support behind The Agency and Feed's Formula for Change campaign. The campaign calls on the government to scrap outdated laws restricting how retailers can sell baby formula, due to the cost of living crisis.
Iceland CEO Richard Walker said: ‘We were delighted to learn that the Formula For Change campaign aligned with the work we have been doing at Iceland. The support for the campaign demonstrates how important this issue is to many people. We hope that by joining forces, we can get the government’s attention and help change the legislation around formula milk, allowing retailers to provide support to struggling families.’
The price of baby formula has been rising for years, with the cheapest brand increasing by 45% in two years. The Department of Health currently prevents retailers from reducing the price of baby formula, even when it’s close to its expiry date. This is one of many archaic laws that Iceland is trying to put an end to.
Last week, Iceland announced plans to slash the price of its formula range by over 20%, something that is illegal under current regulations. Richard Walker said the decision to defy the government’s policy was necessary in order to help hard-done-to families.
Iceland is pushing back against the government’s guidelines, and has decided to accept cash equivalents such as vouchers and gift cards from customers who want to buy formula.
The supermarket is also calling on the government to allow retailers to accept loyalty points, all food bank vouchers and store gift cards as payment for infant formula.
The Agency's Assistant Editor, Claie Wilson, said: ‘This is an incredible move from Iceland and something Metro and our campaign partner Feed, wholeheartedly support. The more retailers can do to help families who are struggling, the better.’
Research from Iceland has found that nearly 9 in 10 people aged 18-35 with a child under one are concerned about the rising cost of infant formula. The NHS Healthy Start Scheme cannot cover the cost of formula, leaving families to improvise ways to get by each month.
Richard Walker said: ‘We’re a private family-run business and I didn’t want this on my conscience. We agree that breastfeeding is best for babies, however, many parents are unable to or choose not to, or top up their feeds. They shouldn’t be worried about how they’ll be able to feed their babies.’
He called on other retailers to follow Iceland’s lead in giving shoppers more options when it comes to buying formula.
Mr Walker added: ‘Businesses have a responsibility to help customers however they can during the cost of living crisis. We want to support customers through the hard times, so they remember us during the good times.’
The Formula for Change campaign is making its way to No.10 to show the Prime Minister that this is a significant issue that cannot be ignored. Everyone is encouraged to sign the Formula For Change petition to make their voices heard.
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