High street giant Marks & Spencer has reportedly asked its suppliers to cut costs. The move comes in a bid to counter the effect of the fall in the value of the pound and offset costs incurred by the decline in consumer spending, Drapers reports. As the value of the pound continues to weaken against the euro and dollar, the cost of sourcing goods from Europe, South America and the Far East is rocketing, leading to M&S attempting to renegotiate with suppliers. Earlier this month, the retailer won what has been one of the longest running legal tax battles, when it was awarded a £3.5m refund in wrongly paid VAT.