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You can find the current article at its original source at https://www.theguardian.com/business/live/2016/oct/13/pound-sterling-brexit-price-row-tesco-unilever-live
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| Unilever and Tesco resolve Brexit price rise row – Business live | Unilever and Tesco resolve Brexit price rise row – Business live |
| (35 minutes later) | |
| 6.24pm BST | |
| 18:24 | |
| There were signs today that Unilever were losing the PR battle with Tesco -- even within the shadow of the Marmite factory. | |
| Reuters caught up with Jeaninne Richards, 69, a retired dressmaker and Brexit support, in the aisles of the Basildon Tesco, and was told: | |
| “Unilever is being so greedy. They are using Brexit as an excuse ... If they take their products off the shelves, people are going to buy different products and then stick with it, so they are going to lose a lot of customers because of it.” | |
| 6.22pm BST | |
| 18:22 | |
| City AM’s Jake Cordell suspects Unilever have caved in.... | |
| Tesco on #Marmite: "We’re pleased its been resolved to our satisfaction”. Big cave in from Unilever? | |
| 6.18pm BST | |
| 18:18 | |
| Tesco: We're pleased the situation is resolved | |
| A spokesperson for Tesco has told the Guardian that: | |
| “We always put our customers first and we are pleased this has been resolved to our satisfaction” | |
| They won’t tell us how the situation has been resolved with Unilever. | |
| Our retail expert Sarah Butler suspects that the two sides have cut a deal..... | |
| Tesco says its dispute with Unilever has "been resolved to our satisfaction" - appears to suggest some compromise deal has been reached.. | |
| Updated | |
| at 6.20pm BST | |
| 6.15pm BST | |
| 18:15 | |
| Some snap reaction to the peace deal between Tesco and Unilever: | |
| So #Tesco and #Unilever have made up. But where did they settle on price. Unilever wanted 10% price hike. What did they get!!!??? | |
| Oh thank God, the Great Marmite Disaster of 2016 'has been resolved' 🙌🏼 | |
| This tesco / unilever deal is great news for customers. But less good for producers of gags on news programmes | |
| #Marmite #Brexit #Marmageddon #MattCartoon pic.twitter.com/ZXdJJxJjkG | |
| 6.10pm BST | |
| 18:10 | |
| The Great Marmite price war will go down as one of the shortest battles in UK business history. | |
| It’s just 24 hours since the news broke that Tesco had pulled Unilever products from its website, after refusing to accept a 10% price hike to cover the slump in the pound. | |
| Since then, the issue has been on the front page of websites and newspapers, and trending on social media with taglines like #MarmiteGate and #Marmageddon. | |
| British people panic buying #Marmite perfectly sums up the hysterical insanity of 2016. #Marmitegate #Brexit pic.twitter.com/Yt0DS4TkLY | |
| The dispute didn’t impress investors in either company -- Tesco’s shares slid by 3%, while Unilever saw 3.4% lopped off its value today. Clearly both sides risked losing out unless they came to a quick resolution. | |
| 5.54pm BST | 5.54pm BST |
| 17:54 | 17:54 |
| Unilever: We've resolved the Tesco dispute | Unilever: We've resolved the Tesco dispute |
| NEWSFLASH: The Brexit price wars are over. | NEWSFLASH: The Brexit price wars are over. |
| Unilever just issued a statement saying that the dispute with Tesco has been “successfully” resolved. | Unilever just issued a statement saying that the dispute with Tesco has been “successfully” resolved. |
| The Anglo-Dutch group says: | The Anglo-Dutch group says: |
| Unilever is pleased to confirm that the supply situation with Tesco in the UK and Ireland has now been successfully resolved. We have been working together closely to reach this resolution and ensure our much-loved brands are once again fully available. | Unilever is pleased to confirm that the supply situation with Tesco in the UK and Ireland has now been successfully resolved. We have been working together closely to reach this resolution and ensure our much-loved brands are once again fully available. |
| For all those that missed us, thanks for all the love. | For all those that missed us, thanks for all the love. |
| MARMITE-GATE IS OVERUnilever pleased to confirm the supply situation with Tesco in the UK and Ireland has now been successfully resolved. | MARMITE-GATE IS OVERUnilever pleased to confirm the supply situation with Tesco in the UK and Ireland has now been successfully resolved. |
| However, we don’t (yet) know whether Unilever has abandoned its attempt to hike prices, or whether Tesco has agreed to the price increases, or whether the two sides have met in the middle. | However, we don’t (yet) know whether Unilever has abandoned its attempt to hike prices, or whether Tesco has agreed to the price increases, or whether the two sides have met in the middle. |
| 5.34pm BST | 5.34pm BST |
| 17:34 | 17:34 |
| Donald Tusk’s warning that Britain can’t have a soft Brexit could worry UK firms. | Donald Tusk’s warning that Britain can’t have a soft Brexit could worry UK firms. |
| Trade insurance group Euler Hermes has warned that more companies would be driven under by a hard Brexit than a more conciliatory divorce. | Trade insurance group Euler Hermes has warned that more companies would be driven under by a hard Brexit than a more conciliatory divorce. |
| But either way, the prospects aren’t great. | But either way, the prospects aren’t great. |
| The FT has the details: | The FT has the details: |
| A hard Brexit — a complete break with no access to the single market — would increase the risk of more bankruptcies, it says. | A hard Brexit — a complete break with no access to the single market — would increase the risk of more bankruptcies, it says. |
| Under a soft Brexit it predicts that 25,170 businesses will fail in 2019. Under a hard Brexit that rises to 26,570. | Under a soft Brexit it predicts that 25,170 businesses will fail in 2019. Under a hard Brexit that rises to 26,570. |
| New forecasts show that a hard Brexit would put 1,400 more UK companies into insolvency than a soft Brexit https://t.co/MLxHghjUjH | New forecasts show that a hard Brexit would put 1,400 more UK companies into insolvency than a soft Brexit https://t.co/MLxHghjUjH |
| 5.16pm BST | 5.16pm BST |
| 17:16 | 17:16 |
| Tusk: It's Hard Brexit or no Brexit | Tusk: It's Hard Brexit or no Brexit |
| NEWSFLASH: Donald Tusk, president of the European Council, is dismissing the idea that Britain could secure a so-called soft Brexit. | NEWSFLASH: Donald Tusk, president of the European Council, is dismissing the idea that Britain could secure a so-called soft Brexit. |
| Speaking in Brussels, Tusk argues that Britain cannot expect to retain many of the benefits of EU membership while also leaving the bloc. | Speaking in Brussels, Tusk argues that Britain cannot expect to retain many of the benefits of EU membership while also leaving the bloc. |
| Instead, he hinted that the prospect of a hard Brexit might force the UK to rethink leaving at all. | Instead, he hinted that the prospect of a hard Brexit might force the UK to rethink leaving at all. |
| Tusk says: | Tusk says: |
| “It is useless to speculate about ‘soft Brexit. | “It is useless to speculate about ‘soft Brexit. |
| These would be purely theoretical speculations. In my opinion, the only real alternative to a ‘hard Brexit’ is ‘no Brexit’. Even if today hardly anyone believes in such a possibility.” | These would be purely theoretical speculations. In my opinion, the only real alternative to a ‘hard Brexit’ is ‘no Brexit’. Even if today hardly anyone believes in such a possibility.” |
| Some UK ministers has argued that terms like ‘hard Brexit’ have little meaning, and that they could carve out a good deal that gave Britain access to the single market while also restricting migration. | Some UK ministers has argued that terms like ‘hard Brexit’ have little meaning, and that they could carve out a good deal that gave Britain access to the single market while also restricting migration. |
| The only real alternative to a "hard Brexit" is "no Brexit". Even if today hardly anyone believes in such a possibility. pic.twitter.com/iFRfHUIO4w | The only real alternative to a "hard Brexit" is "no Brexit". Even if today hardly anyone believes in such a possibility. pic.twitter.com/iFRfHUIO4w |
| The essence of Brexit as defined in the UK referendum campaign means radically loosening relations with the EU, a de facto "hard Brexit" | The essence of Brexit as defined in the UK referendum campaign means radically loosening relations with the EU, a de facto "hard Brexit" |
| Tusk also seemed to rubbish the idea (popular with foreign secretary Boris Johnson) that Britain could have its Brexit cake and eat it. | Tusk also seemed to rubbish the idea (popular with foreign secretary Boris Johnson) that Britain could have its Brexit cake and eat it. |
| #Tusk:"#Brexit will be a loss for all of us. There will be no cake on the table, only salt and vinegar" #EPC20 | #Tusk:"#Brexit will be a loss for all of us. There will be no cake on the table, only salt and vinegar" #EPC20 |
| Hopefully there’ll be Marmite on the table too.... | Hopefully there’ll be Marmite on the table too.... |
| 5.06pm BST | 5.06pm BST |
| 17:06 | 17:06 |
| Shares in Tesco and Unilever have both fallen today, as investors anticipated the Marmite price wars turning uglier. | Shares in Tesco and Unilever have both fallen today, as investors anticipated the Marmite price wars turning uglier. |
| Tesco’s shares fell 3% to 196p, while Unilever shed 3.4% to £36.51. | Tesco’s shares fell 3% to 196p, while Unilever shed 3.4% to £36.51. |
| 5.00pm BST | 5.00pm BST |
| 17:00 | 17:00 |
| European stock markets suffer a bad day | European stock markets suffer a bad day |
| It’s been a ropey day in the financial markets, as investors have fretted about the global economy. | It’s been a ropey day in the financial markets, as investors have fretted about the global economy. |
| All the main European stock markets ended in the red, with the FTSE 100 dropping 46 points to 6977. Mining stocks were the big losers. | All the main European stock markets ended in the red, with the FTSE 100 dropping 46 points to 6977. Mining stocks were the big losers. |
| The City was depressed by the overnight news that Chinese exports shrank by 10% year-on-year in September. | The City was depressed by the overnight news that Chinese exports shrank by 10% year-on-year in September. |
| Shares are also falling on Wall Street, where traders are also wondering whether the Federal Reserve should really raise interest rates soon. | Shares are also falling on Wall Street, where traders are also wondering whether the Federal Reserve should really raise interest rates soon. |
| Chris Beauchamp, Chief Market Analyst at IG, says: | Chris Beauchamp, Chief Market Analyst at IG, says: |
| Wall Street has joined in the general flight from risk this afternoon, with the overnight Chinese export data still the chief culprit (although in fairness Bob Dylan being awarded a Nobel Prize would probably make anyone lose their faith in the future). | Wall Street has joined in the general flight from risk this afternoon, with the overnight Chinese export data still the chief culprit (although in fairness Bob Dylan being awarded a Nobel Prize would probably make anyone lose their faith in the future). |
| 4.43pm BST | 4.43pm BST |
| 16:43 | 16:43 |
| There not much support for Unilever in the English town where Marmite is produced. | There not much support for Unilever in the English town where Marmite is produced. |
| Nazia Parveen, our North of England correspondent, has paid a flying visit to Burton upon Trent. And she found that many people believe Unilever is pushing its luck by trying to hike prices by 10%. | Nazia Parveen, our North of England correspondent, has paid a flying visit to Burton upon Trent. And she found that many people believe Unilever is pushing its luck by trying to hike prices by 10%. |
| One resident, 70-year old Dennis, is even planning to boycott Unilever (echoing Tory MP David Davies earlier today). | One resident, 70-year old Dennis, is even planning to boycott Unilever (echoing Tory MP David Davies earlier today). |
| “Everything about Marmite is local - the workers, the ingredients - so ultimately I do not understand their argument and it is just downright profiteering. | “Everything about Marmite is local - the workers, the ingredients - so ultimately I do not understand their argument and it is just downright profiteering. |
| We do like our Marmite as a family, especially our daughter, but we’re now going to boycott their products as we’ve had enough of Unilever holding local businesses and their own workers to ransom.” | We do like our Marmite as a family, especially our daughter, but we’re now going to boycott their products as we’ve had enough of Unilever holding local businesses and their own workers to ransom.” |
| Here’s the full story: | Here’s the full story: |
| Updated | Updated |
| at 4.48pm BST | at 4.48pm BST |