Tesco CEO Dave Lewis has confirmed that four senior members of his staff have been asked to step aside after the retail giant overstated its profit by £250m, but said that it is too soon to say whether this was a case of fraud.

"The early indications are 250 million and based on that indication that's the guidance that we have given. But I must stress at this point in time I won't know until I have done the full investigation. Nor do I know exactly what has happened. It's obviously a very serious issue and something very important for us but until I have finished the investigation I can't speculate on exactly what has happened," he said.