UK retailer Asda has extended its “price guarantee” to refund the difference to consumers if it is not 10% cheaper than its main rivals.

Around 15,000 products listed by independent price checker are included in the guarantee, which will be supported by a television and print advertising campaign to launch tomorrow (7 January).

Asda’s previous guarantee, launched in April last year, refunded consumers with vouchers at 8% difference. However, the retailer said it wants to become “the first UK food retailer to guarantee it will be at least 10% cheaper than all of its major rivals”.

Andy Clarke, CEO of Asda, said: “From today our price promise is backed by a copper-bottomed guarantee – if the basket of food you buy in our stores is not at least ten per cent cheaper than each of our major rivals, we’ll put our hand in our pocket and give you back the difference.”

Asda is the latest retailer to announce price promises in a bid to cancel out the effects of the rise in VAT, which came into effect this week. On Tuesday, Tesco and Morrisons announced price cuts to a raft of grocery products.

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