Wm. Morrison Supermarkets plc (LSE:MRW) is reported to be planning an £800 million raid on its property empire as it looks to buy time from the City after a poor Christmas. Morrisons' property empire is valued at £9 billion but as 90% is freehold owned - higher than the industry norm of 60% - there is room for the chain to sell some stores and lease them back, possibly raising £800 million.

Its coffers could also be swelled by a reduction in capital spending from £1.2 billion to £650 million a year as the industry's space race slows down.