By Jonathan Davies

The chairman of the Parliamentary Business Committee has described Tesco's accounting error as 'stratospheric' to the BBC.

Adrian Bailey said it was "unbelievable" that a company of Tesco's stature could get into "such a mess".

He also revealed that Tesco executives could face questioning by MPs. Earlier this week, Tesco chief executive Dave Lewis announced that a £250m hole had been found in the company's profit forecasts.

Mr Bailey told BBC 5 live's Wake Up To Money programme that he wasn't happy with Tesco's response to the situation. He said: "They should never have got themselves into this mess and it may be too little too late."

Mr Baile said it was "incredible they could not have had a full-time finance officer overseeing everything".

Tesco's brought forward the start date of new chief financial officer Alan Stewart by more than two months after the new broke. His predecessor, Laurie McIlwee, resigned in April but is on gardening leave until 1 October. On Wednesday, Tesco admitted that Mr McIlwee had no input on the company's finances since resigning in April.

"Tesco stated on the 4th of April that until he officially left the company in October, Laurie McIlwee would be available to carry out transitional activities and support handover with colleagues as required," the company said.

"During the transition period, Laurie has in fact not been called upon by Tesco and has not been involved or had any input to any financial matters or held any position of responsibility in the company."

Adrian Bailey said that it "may well come to" summoning former Tesco chief executive Sir Philip Clarke for questioning by the business committee.

"We need to have the outcome from [Tesco's own] inquiry and following that there may well be further inquiries," Mr Bailey said.

"Depending on the train of events… we may well as a committee want to look at this. Not just at Tesco but at what is going on in the retail industry and in the relationship with the suppliers to see if problems haven't been addressed - because they should have been."

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