Tesco has announced a new wave of price cuts as the Big Price Drop marketing push rolls on.

The UK’s largest supermarket said 450 lines would be reduced in price, with most of the cuts coming on own-label items.

It said cash for the price cuts would come from the original £500m earmarked for investment when the Big Price Drop was unveiled last year.

Today data from Kantar Worldpanel revealed that Tesco’s market share was continuing to slide, falling to 29.7% for the 12 weeks to 19 February.