Marks & Spencer is to enter the UK energy market after agreeing a deal to provide electricity and gas from more than 60 of its stores.

The high street giant has agreed a tie-up with energy provider Scottish & Southern Energy that will allow shoppers to buy their electricity and gas from the stores.

The new scheme, dubbed M&S Energy, will go live later this month, with the retailer estimating that consumers’ average annual bill will be £1,196 – no cheaper than the UK’s main energy providers.

However, as an incentive to reduce energy consumption, customers that cut their annual bills will be eligible to receive M&S vouchers.

“We understand that the cost of living has risen for many customers and we hope to encourage them to save money by reducing their energy usage,” a spokesman for M&S told the Daily Mail.