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| Tesco investigated by new regulator | Tesco investigated by new regulator |
| (35 minutes later) | |
| Tesco is to face another investigation into its relations with suppliers, amid concerns that it breached the Groceries Supply Code of Practice. | Tesco is to face another investigation into its relations with suppliers, amid concerns that it breached the Groceries Supply Code of Practice. |
| The Groceries Code Adjudicator (GCA) joins the Serious Fraud Office and the Financial Reporting Council in investigating the supermarket chain. | The Groceries Code Adjudicator (GCA) joins the Serious Fraud Office and the Financial Reporting Council in investigating the supermarket chain. |
| The GCA's adjudicator, Christine Tacon, said she had "reasonable suspicion" that the code had been breached. | The GCA's adjudicator, Christine Tacon, said she had "reasonable suspicion" that the code had been breached. |
| The GCA will look into Tesco's profits and delays in payments to suppliers. | The GCA will look into Tesco's profits and delays in payments to suppliers. |
| In a statement, Business Secretary Vince Cable said: "This is an historic day for the groceries code adjudicator and shows we have created a regulator that has real teeth. | In a statement, Business Secretary Vince Cable said: "This is an historic day for the groceries code adjudicator and shows we have created a regulator that has real teeth. |
| I have also agreed an increase of almost 40% in the adjudicator's funding for the coming year, so that it can carry out more of its important work. | I have also agreed an increase of almost 40% in the adjudicator's funding for the coming year, so that it can carry out more of its important work. |
| Now that a formal investigation has been launched, I would encourage anyone with any evidence of wrongdoing to come forward and to be confident of being able to do so confidentially, as their anonymity will be protected by law." | Now that a formal investigation has been launched, I would encourage anyone with any evidence of wrongdoing to come forward and to be confident of being able to do so confidentially, as their anonymity will be protected by law." |
| Adjudicator Christine Tacon said: "This is the first investigation I have launched and it is a significant step for the GCA. | |
| "I have applied the GCA published prioritisation principles to each of the practices under consideration and have evidence that they were not isolated incidents, each involving a number of suppliers and significant sums of money." | |
| Ms Tacon has called for evidence to be submitted by 3 April. | |
| The investigation is expected to take up to nine months. |