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Budget retailer Poundland has today scrapped its £1 price pledge, in a move that will see more £5 deals land on shelves.

For the first time, every Poundland store will offer products above and below £1 - at a number of price points from 50p to £5.

The move follows a trial in 24 West Midlands stores, two years after introducing £2 and £5 prices in stores nationwide.

It said the rollout will enable it to deliver a "broader range of items at simple prices in three key categories - household goods, health and beauty and grocery".

Barry Williams, Poundland managing director said: "We've introduced simple pricing in time for Christmas so we can offer customers even more choice and even better value for money.

"Our shoppers love the amazing value we provide and now we can begin bringing that value on wider ranges that they now can find in stores for the first time.

"Our team of talented buyers has moved heaven and earth to bring these ranges to store in time for Christmas and I’d like to thank them for all their hard work."

(Image: Rex)

But the move could see prices jump even further.

Back in September, Poundland bosses revealed the chain may start charging customers up to £7 for items in a new pricing strategy.

Williams said stores could move to 'multi-price points' if it decided to bring in higher quality products that would still bring value to the customer.

"If something that is amazing value comes along and we think it is right for our proposition and right for our customers and it’s £7, then we’ll have a go at it," he announced in a markets statement.

Poundland's 50p to £5 lines

Here are some examples of what shoppers will be able to find in stores - with all prices rivalling the big four supermarket.

Matchmakers for 75p

Walkers 24 packs of crisps for £3

L’Oréal Elvive Fibrology shampoo for £2

Comfort Blue Skies fabric conditioner for £4

Nivea Men Fresh Power 0% deodorant for £1.50

Earlier this year the cut price chain also unveiled a budget skincare range as part of plans to tap into the £26billion beauty market.

The range - #6 - has been tipped to rival household names - and includes a six piece anti-ageing set where every item is a £1.

Holly Mobley, the retailer’s head of glamour, said: "Everyone wants to look good for less, and we spent a long time ironing out the wrinkles to develop a fantastic skincare range."

The chain also now stocks clothes in around 300 stores - after teaming up with Peacocks rival Pep & Co in January 2017.

(Image: Poundland)

Clothes start at £1 and it claims nine in ten items cost £10 or less.

However, the discounter said that despite newer prices, three quarters of products will continue to sell at Poundland’s core £1 price point.

"The team is rightly proud of what they've achieved in such a short space of time, but beyond the business story, there’s clearly a fashion brand customers love," said Sarah Morgan at Pep&Co.

The expansion comes amid a turbulent time for rival brand Poundworld - which collapsed in June.

Poundland reported like-for-like sales up 1.7% for the nine months to June 30, although overall sales fell 5% to £1.2billion.