EXECUTIVES at Aldi have pledged to "provide the lowest grocery prices in the UK" as they warned the cost of living crisis is "worsening" for millions of households.

It came as the supermarket chain saw profits slump significantly last year after the firm witnessed rising costs and invested in pricing.

The UK operation of the German discounter revealed that pre-tax profits tumbled by 86.5% to £35.7 million in 2021, compared with the previous year.

Giles Hurley, chief executive officer for Aldi UK and Ireland, said: "The cost-of-living crisis is worsening and it's being felt by millions of households across the UK.

"It's in times like these when our customers rely on us the most, which is why we're focusing on continuing to deliver our longstanding price promise by offering the lowest possible prices in Britain, every single day.

"Preserving our price discount and rewarding our people will always be more important to us than short-term profit.

"Being privately owned means we can keep our promises even when times are tough."

Sterling falls to all-time low

THE pound has slumped to its lowest level against the dollar since decimalisation in 1971, after the Chancellor hinted more tax cuts would follow those he announced last week.

Sterling fell by more than 4% to just 1.0327 dollars in early Asia trade before it regained some ground to about 1.05 dollars early on Monday, when the euro also hit a fresh 20-year low amid recession and energy security fears.

Colin Borland: Bottom line must be material cut in cost of doing business

A MAJOR government intervention in the energy markets, another interest rate rise and a pretty radical, tax-cutting mini-Budget.

Having had a few days to reflect on another extraordinary week of economics and politics, what’s the verdict on what it all means for us?

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