Co-op has announced plans to invest £1bn in the UK economy over the next 12 months following the Autumn Budget.

The convenience store retailer plans to slash prices across 1,000 products at over 2,300 stores in the next 12 months.

The move is a response to the growing concern over the cost of living which was expressed by Co-op members.

Additionally, Co-op said it plans to spend over £700m per year backing British farmers and agriculture suppliers and maintain 100% British fresh and frozen meat across its private label ranges.

To further support British businesses, Co-op will spend over £580m on goods not for resale for businesses based in and operating in the UK.

Shirine Khoury-Haq, Co-op Group CEO, said: “Today’s Budget provides the clarity and certainty that small shops and local communities have been waiting for.

”The Government’s decision on business rates is a welcome and important step that will help protect jobs, strengthen local economies and support high streets across the country.”

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She added: “Co-op is stepping up alongside this commitment, facilitating over £1 billion of spending into the UK economy over the next year. This includes our biggest ever number of price reductions to help with the cost of living, continued investment in British farmers and suppliers, and a focus on keeping high streets vibrant and safe.”

Co-op is also backing UK employment by sharing £6m as part of its Levy Share service over the next 12 months.

The convenience store retailer welcomed the Government’s business rates reform, which is essential for small and local businesses, according to the company.

Co-op plans to invest in around 100 stores across the UK over the next 12 months, which includes new store openings, renovations and relocations.

The business announced plans to open a record 11 stores this week as part of its expansion goals.