M&S will not raise prices to offset Brexit-induced drop in the pound

British retailer Marks & Spencer does not plan to raise its prices on clothing and other goods to compensate for the fall in the pound caused by the Brexit vote, its chief executive said on Tuesday.

"We've obviously got currency pressures that have come onto us recently but we intend to mitigate those through better sourcing, by better volumes with our manufacturers and our intention is that we won't have to pass those price rises onto the consumer in the New Year," Steve Rowe told BBC radio.