Tesco to slash prices by £270m

Leading grocer Tesco is to axe prices by£270 million from next week in what it described as its 'biggest-ever price blitz'.

The prices of 3,000 products, ranging from nappies to bread, will be slashed. The grocer said: 'These are genuine reductions and do not include the hundreds of promotions throughout the store that save customers even more money.'

Tesco commercial director Richard Brasher said: 'Consumers have had a tough start to the year, with interest rates hitting many people hard and inflation creeping into some areas of household spending. We want to make sure that our customers don't start their summer worrying about how to balance the budget.'