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Evening Standard
Evening Standard
Alex Daniel

Supermarket price war heats up as Tesco cites ‘very competitive market’

Tesco Ken Murphy Asda United Kingdom
Tesco has become embroiled in a price war among UK supermarkets (Rui Vieira/PA) - (PA Wire)

Tesco has signalled that a price war among UK supermarkets is mounting, as its boss pointed to an “intensification” of competition across the sector and targeted as much as £500 million in fresh cost cuts.

Chief executive Ken Murphy said the company is facing mounting pressure to slash prices, after competitor Asda recently promised the company’s biggest price cuts in 25 years.

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