The Papers: 'Don't cap food prices' and '20ft from WW3'

'Don't cap food prices' and '20ft from WW3'Just nowShareSaveAdd as preferred on GoogleA backlash against the government's floated proposal to cap food prices leads the Daily Telegraph, topping with Bank of England Governor Andrew Bailey's warning it could be "unsustainable" and "risked backfiring". Addressing MPs at a select committee, Bailey says the measure would mean "effectively artificially moving prices relative to costs", creating what another official calls a "highly distorted" economy, the paper writes. A cheering Prince of Wales also appears on the front page under the caption "William wills Villa to victory", as he celebrates Aston Villa's 3-0 victory against Freiburg.The Times' main story also headlines with the Bank of England chief's "attack on freezing food prices". Meanwhile, the paper features a photo handed out by the family of three sisters who drowned at Brighton beach on 13 May. Their father, who is also pictured with them, says they were his "joy and strength", the paper reports."Supermarkets backlash forces Reeves into U-turn over grocery price caps" is the Financial Times' headline. Citing two people "with knowledge of the situation", the paper says the chancellor backed down on the proposal following fierce criticism. It quotes Marks & Spencer's chief executive, Stuart Martin, who says the supermarket chain "already made losses on milk, bread and bananas". "Ministers in talks with UK supermarkets to help cut food costs for shoppers" the i Paper writes as the government abandons plans for "voluntary price caps".The Daily Mirror reports on the government's planned cost of living reprieve, writing "shoppers could save on food staples like baked beans, crisps and margarine" after Reeves announced she would "cut tariffs on more than 100 items and...