Co-op is to roll out its “biggest ever” round of price cuts as part of its £1bn “Back Britain” plan following the Autumn Budget.
The society has pledged to inject £1bn into the UK economy within the next 12 months to support consumers and businesses during the cost-of-living crisis.
It plans to lower prices across 1,000 products in its 2,300 stores and online. The investment would be focused on categories that back British farming, produce, protein and dairy.
The price cuts, due to begin next year, would be available to members and non-members in a bid to “help families manage weekly budgets” at a time when many are still feeling the strain of rising costs, the group said.
Co-op said it welcomed the government’s decision to deliver long-promised business-rates reform, saying it will help protect small shops, local jobs and investment on high streets across the UK.
The move provided “much-needed certainty for community retailers” and ”creates a stronger foundation for future growth”, according to the society.
“The government’s decision on business rates is a welcome and important step that will help protect jobs, strengthen local economies and support high streets across the country,” said Shirine Khoury-Haq, chief executive of Co-op Group.
“Co-op is stepping up alongside this commitment, facilitating over £1 billion of spend into the UK economy over the next year. This includes our biggest ever number of price reductions to help with the cost of living, continued investment in British farmers and suppliers, and a focus on keeping high streets vibrant and safe.
“As a business owned by 7 million members, not shareholders, we measure success in the value we create for people and places. Backing Britain reflects our belief that responsible business must play its part in the country’s recovery and future growth.”
Co-op said it would continue to spend over £700m annually with British farmers and suppliers, maintaining its 100% British sourcing commitment on fresh and frozen own-brand meat.
The society has called on the government to ensure that UK farmers are properly supported to ensure that they can play their crucial role both in feeding the nation and tackling the climate and nature crises.
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