Tesco has agreed to pay £129 million fine following a scandal over false accounting.

The supermarket giant faced potential prosecution after admitting overstating its profits in 2014 - a deliberate attempt to exaggerate the health of the business.

But Tesco has now reached a Deferred Prosecution Agreement with the Serious Fraud Office (SFO).

This means it will escape further legal action if it fulfils a number of criteria and pays the hefty fine.

More to follow.