Tesco announced that it could axe as many as 2,000 jobs under plans to shut 43 stores in a company-wide overhaul. A spokesman for Tesco, which revealed the closures earlier this month, confirmed that 2,000 jobs were under threat but added that staff would be consulted in a bid to find alternative roles wherever possible. Tesco had unveiled cost-cutting plans in early January to shut the 43 unprofitable branches, sell assets and axe its shareholder dividend in a bid to revive its fortunes after an accounting scandal.

The group also decided earlier this month to slash capital expenditure, revise its store building programme and sell its broadband Internet arm, its TV-streaming service Blinkbox and its Dunhumby data analytics business.