Marks and Spencer has announced that it will reduce the prices of everyday essentials amid the cost of living crisis. As the cost of food and bills rise, more and more Britons are finding ways to save money.
British supermarkets are helping families to make the most out of their shopping as the cost of living continues to increase.
Marks and Spencer is the latest supermarket to offer slashed prices on its products.
The retailer is reducing the costs of items such as milk, bread, mince, pasta, fruit, and other staples.
These are part of Marks and Spencer’s “Remarksable” range, which already includes products that are lower in price than other items.
Prices start as low as 60p.
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Marks and Spencer’s changes mean that a four-pint bottle of semi-skimmed milk now costs £1.15, while a loaf of sliced white bread costs just 60p.
A 500g pack of mince is now on sale for £3, while a 500g of spaghetti costs 70p.
Meanwhile, a kilo of bananas costs 78p.
The supermarket said it will also introduce “family dine in deals” at branches across the country, offering a roast dinner with three sides and a dessert for only £20 this Easter weekend.
Marks and Spencer is competing with cheaper supermarkets such as Aldi and Lidl, encouraging customers to shop at its stores instead of its rivals.
The retailer’s chief operating officer, Stuart Machin, said: “As we transform M&S Food, we have invested significantly over the last three years in making our ranges even better value, while protecting the things our customers love most – our market leading sourcing standards and our delicious, innovative products.
“We want M&S to be more relevant, more often and that’s why now is the right time to go further, by investing in the value of everyday items families buy week-in week-out, without compromising the quality our customers want and expect from us.”
The supermarket said all of its Remarksable products are benchmarked in price against those at rivals and had a “quality point of difference”.
Richard Hyman, an independent retail analyst, added: “A food retailer like M&S is always going to be more expensive to shop at than others but they can afford to be more expensive because the quality is superior, so in that sense there is nothing wrong with it.
“Customers understand that too and they will not be shopping at M&S for low prices.
“But even so, in food retail it is still very important to provide reassurance that your products represent good value.
“Value is not just about price. It has to do with the relationship between quality and price.
“So these changes to the Remarksable range are probably more about communication than substance.
“But, of course, in groceries that price reassurance is still really important.”
Iceland is another supermarket that has announced the slashing of its food prices this week.
The retailer is offering all its vegetables for only 1p instead of the usual retail price of £1.