Tesco has announced an extra £10 million in funding for UK pig farmers as the industry continues to struggled with rising on-farm costs such as wheat.
The Big 4 grocer’s move will see an suppliers increase payments to farmers by £6.6 million until August, bringing support for Tesco farmers to a total of £10 million since the start of March.
Additionally, the supermarket said they have been supporting the industry since the turn of year with other major challenges such as the backlog of healthy pigs stuck on British farms.
Since January, the grocer has taken an extra 32,000 pigs and plans to take a further 22,000 in the next months.
In the long term, Tesco has committed to reviewing pricing on a more frequent basis – providing flexibility for farmers when markets prices change.
“We fully recognise the seriousness of the situation UK pig farmers are facing and have been working closely with our suppliers to understand what more we can do to support the sector,” Tesco fresh commercial director Dominic Morrey.
“On top of the increased volume of British pork we’re now offering our customers, we will be increasing payments to British pig farmers by £10million through to August this year.”
Morrey added: “We know there is more to do, and we will be working with suppliers, farmers and the wider industry to drive more transparency and sustainability across our supply chains and support the future of the British pig industry.”
The news comes after it was revealed that Tesco boss Ken Murphy was handed a £4.74 million pay packet for the past year – more than 400 times the wage of an average worker at the supermarket.