In our view, the dividend cancellation, cuts to future capital expenditure, and potential disposal of the dunnhumby business, if achieved, should enable Tesco to improve its cash position by more than £3 billion over the next financial year ending 2016. At the same time, however, we expect market conditions to remain highly competitive for retailers, particularly in the U.K., which accounts for about two-thirds of Tesco's retail sales and profits.