But when living standards are under pressure their existence is a boon for millions of families. Supermarkets comprise one part of the British economy that actually delivers effective competition.

Asda’s decision yesterday to cut the price of many products to 50p this weekend has sparked a rapid reaction from Tesco, Sainsbury’s and Morrisons.

The battle for market share among the supermarket chains will make life a little easier for all those feeling the pinch.

If only a similarly zealous approach to giving customers a better deal was taken by the power companies then making ends meet would become a whole lot easier still.

The public sector could also learn a lesson from the determination of the supermarket giants to keep their operating costs under control and to give customers what they want when they want it.

Many stores open 24 hours a day while primary healthcare facilities which have had vast amounts of public cash spent on them are padlocked at 6pm.

There will always be a place for specialist retailers but during these austere economic times the downward pressure on costs brought about by supermarket price wars will keep many families afloat.