Andy Bond, chief executive officer of Asda, has warned that the retailer plans “aggressive” price cutting next year in a bid to eat into Tesco’s market share.

Bond said: “Asda has always been about being the lowest-priced retail brand and I’m going to be more aggressive next year.”

He also revealed that Asda would focus on improving its fresh food offering, reinvigorating the George brand, improving customer service and expanding into new formats.