Tesco is set to make £70m worth of price cuts from today to take its total so far this year to £140m.

Some 450 products including core grocery lines are to be reduced by 11%, the retailer said.

Marketing director at Tesco Tim Mason said the move sees it now well into “£2bn in cuts”. He added: “We set the pace, which is why other supermarkets are playing catch-up.”

Tesco will deliver full-year results tomorrow, with analysts predicting a 20% rise in sales with a 30% contribution from its international operations.

Meanwhile, Tesco is set to leapfrog Marks and Spencer and Dixons to take the number one position in the non-food sector, according to market research company Verdict.

Verdict said that Tesco’s share of the non-food market last was 3.6% last year, up 1.2% over the past five years.

Chairman of Verdict Richard Hyman told the Financial Times: “It is not going to be long before Tesco claims the number one position. It'll be within five years and there is no question that a lot of non-food retailers are in denial.”

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