Ex-Tesco boss Sir Terry Leahy: Economy 'needs rebalancing'

Sir Terry Leahy, former Tesco chief executive, has said he believes the UK economy is recovering despite having been through a "terrible time", but that it needs rebalancing in order to flourish.

Speaking to the BBC's Stephanie McGovern, Sir Terry also suggested that the business rates system should be reformed and "probably scrapped".

On the subject of the minimum wage, he argued that it was "good for society", but warned that "moving it forward too quickly" could compress wage levels and lead to job losses.