Troubled Morrisons announce 17% price cuts

Adrian Holliday
Morrisons Supermarkets As Founding Family Said To Sound Out Buyout Firms
Morrisons Supermarkets As Founding Family Said To Sound Out Buyout Firms

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%