Marks & Spencer ‘to increase prices by up to 15%’ despite making post-Brexit promise to protect shoppers from devaluing pound
The store's chief executive Steve Rowe made the commitment in the wake of the Brexit vote
SUPERMARKET giant Marks & Spencer is set to increase prices of up to 15% on some grocery items - despite bosses promising to protect shoppers for a devalued pound.
The store's chief executive Steve Rowe made the commitment in the wake of the Brexit vote.
It was a move that is said to have angered suppliers, who have since threatened to pull products from the shelves and dubbed his promise "rubbish".
And it is now understood that Marks & Spencer have backed down in the row, with one supplier saying the supermarket will increase shelf prices on items including nuts, tea, coffee and chocolate.
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The unnamed supplier told that the supermarket put itself in a "ridiculously hopeless situation" by making the promise.
Since the EU referendum in June, the pound is down 17.4% against the dollar.
It is also 11.1% down against the euro.
Marks & Spencer said it stood by Rowe's promise not to raise prices and added: "We never comment on commercial discussions with suppliers.
"We remain committed to competitive prices and offering our customers great value."