Yes, I have read the consultation. It states that the government wants to provide retailers with a choice in what units they advertise their products in.
At the moment they must advertise in metric, but can also add an imperial equivalent in a smaller font. The government wants to enable them to choose to advertise in imperial instead (if they want, remember no one will be forcing individual businesses to change).
The government wants to know whether it will be fine to permit imperial measurements to stand alone, or whether to mandate that where imperial units are used, a metric equivalent should be displayed too (even if in a smaller font, which would not be permitted currently).
Again, there is no suggestion in the consultation that retailers couldn't continue using metric alone as they do at the moment.
So put down your smelling salts, you won't see Tesco changing their labels. Though I'm sure that you've all enjoyed having an excuse to wail about how the government is apparently taking the country back to the dark ages and will soon be permitting kids to work up chimneys and down mines.