'Hard-nosed' approach to Pfizer deal

The Chancellor George Osborne says he is ready for some "hard negotiation" with the American drugs giant Pfizer which is keen to take over its British rival AstraZeneca.

Mr Osborne said it would be "extraordinary" not to engage with Pfizer, but he said he wanted to make sure it sticks to its promises on jobs and research.

Iain Watson reports.