M&S cuts again for festive 'promotion'

MARKS & Spencer is slashing prices by 20% tomorrow in a desperate attempt to kickstart Christmas spending.

The move comes amid growing fears that the retail sector is in line for a dismal Christmas. Other retailers have been holding similar 'guerilla promotions' in recent weeks, but the move by M&S is unprecedented, particularly this close to Christmas.

It follows a similar one-day 'spectacular' at M&S last month, its first ever. Analysts said the move points to continued poor trading at the group, which is said to be heavily overstocked.

A spokeswoman denied the sale was a panic measure and said last month's promotion was so successful it had decided to repeat the move.