Troubled Morrisons announce 17% price cuts

Emergency action is being taken at Morrisons. Its share price - 198.20p - is close to a 52-week low and sales continue to drift. Fighting back, the grocer claims its basics range will now be 17% cheaper overall and a billion pounds will be blown in the next three years fighting Aldi and Lidl. Some discounts look impressive. The price of 500g beef mince falls by 20% and Morrisons 250g British Butter falls 33% to £1.

Are the new discounts enough for the beleaguered grocer? And does it signal the start of a new price war more broadly? %VIRTUAL-SkimlinksPromo%