Link to the article: Channel 4 News
Tesco wages a major price offensive on rival supermarkets, aggressively cutting as much as 20 per cent from the cost of everyday items.
The UK's biggest supermarket chain has announced plans to cut the price of 3,000 essential items in a bid to halt the gradual slide of its share price.
Tesco says the move, which will cost the company £500m, is in response to the demands of its cash-strapped consumers. The group has suffered in recent years as Britons have cut back on groceries and switched to discounters such as Aldi and Lidl.
Families have seen the biggest fall in living standards in 30 years in the last financial year, and according to the Institute for Fiscal Studies (IFS) household budgets could be squeezed for another 10 years.
Tesco, where one in every ten pounds in Britain is spent, said it will reduce the number of multi-buy promotions and scrap its double Clubcard points offer in order to cover the cost of the price drop.
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