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Annual profits at Tesco have surged 160 per cent to £2.3billion - but the increase has triggered accusations of profiteering amid the biggest cost of living squeeze since the Second World War .
Tesco had a record year: both sales and profits rose significantly. Price pessure and inflation have lessened substantially.
Tesco has reported a strong performance for its latest financial year in both the UK and Ireland, according to its annual results.
The news comes a week after Tesco introduced a new 10p charge at checkouts in some of their UK supermarkets
A cautious Bank of England is unlikely to rush to cut rates even though the economy badly needs a boost amid sluggish output.