Supermarket deepens existing measures and forecasts lower profit for year amid price war with rivalsTesco has said it plans to slash a further £500m in costs, as the supermarket chain tries to cushion the blow of Rachel Reeves’s tax increases and invest in fighting a price war with rivals.Britain’s biggest grocery retailer said on Thursday it was deepening an existing drive to cut costs to help offset higher operating costs, as well as the £235m increase in its national insurance contributions (NICs) as a result of changes made by the chancellor. Continue reading...
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