Iceland boss Richard Walker defends ‘illegal’ price cut on baby formula as he faces huge fine

Iceland boss Richard Walker has defended slashing the price of baby formula as he faces an unlimited fine for the “illegal move”.

Current laws limit how formula tubs can be sold and brought, such as not letting shoppers use coupons. Regulations were passed in 2007 to ensure the marketing didn’t discourage breastfeeding.

Mr Walker today announced a 20 percent reduction to formula in Iceland stores. He said: “All I want to do is communicate a permanent price reduction.

“You're not allowed to use loyalty points, gift cards, foodbank vouchers and actually I'm going to announce that we will accept, illegally, all of them today.”