Tesco's price cuts will cost the store £60million

Tesco's price cuts will cost the store £60million

Supermarket giant Tesco will cut prices by approximately 12 per cent on more than 350 of its products.

Marketing director Tim Mason said: "We're committed to continuing to win customers by cutting prices and helping them spend less every day."

The price cuts will be offered at all 780 stores, but will cost Tesco, largest shareowner of the market, £60m. Some items will be discounted by as much as 46 per cent. Mason continued: "By reducing price we increase volumes, which helps us buy for less - and when we buy for less, we pass these savings on to the customers."

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