Supermarkets are planning to "re-engineer products" with smaller packets and less expensive ingredients to save money in the wake of the Brexit vote.

According to the Bank of England, the 10 per cent fall in the value of Sterling since the EU referendum meant companies were facing higher import costs.

Rather than pass the cost on to "highly price sensitive" customers, shops are looking for ways to offset the impact of the slide in the pound's value by "re-engineering products to maintain existing prices", the Bank said in a summary of business conditions.