Tesco chief executive Dave Lewis has told a court of his “genuine shock” on learning of the £250m overstatement of the company’s profits.

He told Southwark Crown Court he had “no indication at all” of the issue until brought to his attention by the supermarket group’s legal department.

Lewis was giving evidence in the trial of former Tesco directors.

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Corporates may be required to reveal their ethnicity pay gap under plans unveiled by the Prime Minister to help minorities at work.

Theresa May has launched a consultation on whether mandatory reporting will help address disparities between the pay and career prospects of minorities.

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Taxing technology giants such as Facebook, Amazon and Google could raise £4.4bn a year across Europe, an EU commissioner has said.

Pierre Moscovici, head of tax for the European Commission, said a deal was “doable by Christmas”.