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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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Pound falls to $1.22 as Brexit sparks Marmite price row – business live | Pound falls to $1.22 as Brexit sparks Marmite price row – business live |
(35 minutes later) | |
4.43pm BST | |
16:43 | |
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%. | |
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. | |
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: | |
Updated | |
at 4.48pm BST | |
4.24pm BST | |
16:24 | |
This photo shows some of the scores of produces which Unilever supplies to UK retailers. | |
Many of them (unlike Marmite) will be produced abroad or rely on imported raw materials, thus vulnerable to the weaker pound. | |
4.15pm BST | |
16:15 | |
Sky News’s Faisal Islam reckons Marmite lovers shouldn’t panic: | |
Plentiful supplies in this West London Tesco Express... don't want to encourage hoarding .... pic.twitter.com/HgPpqFsNOP | |
4.06pm BST | 4.06pm BST |
16:06 | 16:06 |
3.50pm BST | 3.50pm BST |
15:50 | 15:50 |
Expect New Year price hikes | Expect New Year price hikes |
Steve Dresser, retail analyst at Grocery Insight, expects retailers to hike prices in January - once the Christmas season is behind them. | Steve Dresser, retail analyst at Grocery Insight, expects retailers to hike prices in January - once the Christmas season is behind them. |
He says: | He says: |
“No one wants to put prices up ahead of Christmas. Others may just wait until January.” | “No one wants to put prices up ahead of Christmas. Others may just wait until January.” |
“It’s only going to get more painful.” | “It’s only going to get more painful.” |
Dresser also reckons Tesco is winning the PR battle so far, rather than being accused of bullying suppliers. | Dresser also reckons Tesco is winning the PR battle so far, rather than being accused of bullying suppliers. |
Is remarkable to consider that Tesco have come out well here; fighting price rises - in 2011 with Premier, was more about big bad Tesco. | Is remarkable to consider that Tesco have come out well here; fighting price rises - in 2011 with Premier, was more about big bad Tesco. |
PR / rebranding efforts are working well it appears.... Fact is no one wants price hikes pre Christmas. But they are coming..... | PR / rebranding efforts are working well it appears.... Fact is no one wants price hikes pre Christmas. But they are coming..... |
3.39pm BST | 3.39pm BST |
15:39 | 15:39 |
Media monitoring group Newton Insight report that the Tesco-Unilever spat has created particular interest in London, Scotland and Manchester (three places that voted to stay in the EU...). | Media monitoring group Newton Insight report that the Tesco-Unilever spat has created particular interest in London, Scotland and Manchester (three places that voted to stay in the EU...). |
And more men than women are opining.... | And more men than women are opining.... |
How are the UK's customers responding on social media to the #Unilever and #Marmite price hike? NEWTON Insight looks at the #data. pic.twitter.com/HYoeg9J3PR | How are the UK's customers responding on social media to the #Unilever and #Marmite price hike? NEWTON Insight looks at the #data. pic.twitter.com/HYoeg9J3PR |
Updated | Updated |
at 3.49pm BST | at 3.49pm BST |
3.20pm BST | 3.20pm BST |
15:20 | 15:20 |
This is the defence for Unilever trying to hike the cost of Marmite, even through it’s made in Britain rather than imported. | This is the defence for Unilever trying to hike the cost of Marmite, even through it’s made in Britain rather than imported. |
Why hard 2 fathom? #Unilever report earnings in € so must hike GBP prices to counter GBP weakness. Doesnt matter if Marmite is made in UK. | Why hard 2 fathom? #Unilever report earnings in € so must hike GBP prices to counter GBP weakness. Doesnt matter if Marmite is made in UK. |
2.33pm BST | 2.33pm BST |
14:33 | 14:33 |
Clive Lewis MP, Labour’s Shadow Business Secretary, is also concerned that UK shoppers are going to be hit in the pocket: | Clive Lewis MP, Labour’s Shadow Business Secretary, is also concerned that UK shoppers are going to be hit in the pocket: |
“Once again the public are paying the price for Tory failure to make any contingency plans for Brexit. | “Once again the public are paying the price for Tory failure to make any contingency plans for Brexit. |
This is unlikely to stop at a Marmite shortage – more and more retailers are going to be squeezed by higher import prices in the coming months, as hedging contracts end and the cheaper pound starts to squeeze margins.” | This is unlikely to stop at a Marmite shortage – more and more retailers are going to be squeezed by higher import prices in the coming months, as hedging contracts end and the cheaper pound starts to squeeze margins.” |
2.19pm BST | 2.19pm BST |
14:19 | 14:19 |
Politics professor Philip Cowley has trawled through some recent polling data, and found that Liberal Democrat voters will be particularly hurt by the Tesco-Unilever standoff. | Politics professor Philip Cowley has trawled through some recent polling data, and found that Liberal Democrat voters will be particularly hurt by the Tesco-Unilever standoff. |
It's Lib Dems who are hurting most. #Marmite pic.twitter.com/lcD4p1hVwD | It's Lib Dems who are hurting most. #Marmite pic.twitter.com/lcD4p1hVwD |
But a jump in poultry prices could cause Theresa May’s party some grief: | But a jump in poultry prices could cause Theresa May’s party some grief: |
This'll get real if chicken is affected. pic.twitter.com/6QcT0UxhTH | This'll get real if chicken is affected. pic.twitter.com/6QcT0UxhTH |
Updated | Updated |
at 2.19pm BST | at 2.19pm BST |
1.59pm BST | 1.59pm BST |
13:59 | 13:59 |
Labour MP Stephen Kinnock says the Marmite price wars show that Brexiteers’ optimism about leaving the EU was ill-founded. | Labour MP Stephen Kinnock says the Marmite price wars show that Brexiteers’ optimism about leaving the EU was ill-founded. |
“When the plunging pound stops you from getting PG Tips and Marmite in the supermarket, you’re truly starting to feel the first tremors of Brexit. | “When the plunging pound stops you from getting PG Tips and Marmite in the supermarket, you’re truly starting to feel the first tremors of Brexit. |
“David Davis’s claims that there were no downsides to Brexit are colliding with economic reality. The best thing the Government can do for economic confidence and the pound is to commit now to starting the upcoming negotiations on the basis of securing full and unrestricted access to the single market.” | “David Davis’s claims that there were no downsides to Brexit are colliding with economic reality. The best thing the Government can do for economic confidence and the pound is to commit now to starting the upcoming negotiations on the basis of securing full and unrestricted access to the single market.” |
One clarification: Tesco has insisted that Unilever products are still available in stores today, but not from its website. | One clarification: Tesco has insisted that Unilever products are still available in stores today, but not from its website. |
1.55pm BST | 1.55pm BST |
13:55 | 13:55 |
The Press Association has been out and about, snapping Unilever products on Tesco shelves: | The Press Association has been out and about, snapping Unilever products on Tesco shelves: |