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'Big price cut from Morrisons'

01 May 2014

According to a report by the BBC, Morrisons has raised the prospect of an all-out supermarket price war with cuts on over a thousand of its products. Morrisons, one of the "big four" UK supermarkets, has been fighting to win back shoppers after months of falling sales.

It says prices on everyday essentials will now be 17% cheaper, on average.

All of the major UK supermarkets are under pressure from the rise of discounters, such as Aldi and Lidl, and the growth of online shopping.

However, Morrisons has been losing more customers to the discount retailers than its rivals.

After posting a dire set of annual results in March, Britain's fourth biggest supermarket said it would commit a billion pounds over the next three years to lowering prices.

'Value-led grocer'
 
Morrisons' boss, Dalton Philips, says the company is serious about making its products cheaper.

"I know this will be easy to characterise as a price war, or a fight-back against the discounters," he said.

"But this is not a temporary skirmish or a response to just one channel. It is about firmly re-establishing our credentials as a value-led grocer with a passion for food in a rapidly changing market."

Morrisons says it has never before launched price cuts on such a big and permanent scale.


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