Marks & Spencer has been forced to accept wholesale price rises of up to 15% on some grocery lines after suppliers threatened to pull products from its shelves.

Steve Rowe, M&S’s chief executive, angered small own-label suppliers in November when he promised to protect shoppers from the impact of sterling’s drop since the Brexit vote.

Rowe ruled out passing on price rises to consumers, and his buyers refused to negotiate with trading partners based on the currency swing. He said M&S would cancel out the pain of more expensive raw materials through “optimisation of our supply base” and by selling in greater volumes.

Rowe was likened to King Canute trying to hold back the tide and his pledge was described as “rubbish” by some suppliers,