Morrisons £176m losses sparks fears of new price war

Supermarket chain Morrisons has reported a £176m loss for the year to the end of February, and announced a major restructuring of the business.

The retailer says it will spend £1bn on price cuts over the next three years in a bid to take on its rivals.

But it warned that profits in the coming year would be less than £375m, about half the level last year.

Emma Simpson reports.