Scottish Retail Consortium director Ian Shearer said the decline in sales had "set alarm bells ringing" for Scottish retailers.

BBC: Scottish retail sales suffer worst slump since 1999

"The position in which Pembrokeshire County Council finds itself will set alarm bells ringing throughout local government, " the authority said.

BBC: Older person

In other words, the existence of big winnings would surely have set alarm bells ringing that the offsetting nets were fictitious.

BBC: The how but not why of UBS's losing bets