Major retailers including Marks & Spencer have launched discount promotions this weekend in a bid to compete for hard-pressed shoppers.

Next unveiled a two-day flash Sale on Saturday, with many items half-price. Marks & Spencer ran a 30% discount for its 78,000 staff and “friends and family” from Thursday to Sunday.

Tesco has today slashed prices on 3,000 everyday products.

The discount promotions come as Tesco said last week it will invest £500m in price cuts, in a move that could set off a price war among its rivals.

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