Today Programme
BBC Radio 4

More from Vote Leave's Jon Moynihan on why Britain should exit the EU. "Everyone accepts there would be a free trade deal with Europe in the event of a Brexit,” he tells Today. Mr Moynihan adds that the UK is Europe’s “biggest export market” and that French farmers “would riot” without a free trade deal with the UK.

“We will have a relationship with the EU. It’s highly unlikely it will be the sort of disastrous relationship [that those in favour of staying in the EU] claim,” he says.

Image source, Getty Images

Nick Ferguson, the former private equity chief who has chaired Sky's board since 2012, has acquired another job. He will become chairman of Savills, the listed estate agency chain, when Peter Smith steps down in May. 

He was co-founder of Schroder Ventures, the private equity group that later became Permira, which he chaired from 1984 to 2001. He later ran SVG Capital from 1996 to 2005 before becoming its chairman. 

Some of our older readers might remember that Mr Ferguson attacked tax avoidance in private equity industry back in 2007. "Any common sense person would say that a highly paid private equity executive paying less tax than a cleaning lady or other low-paid workers can't be right," he said. "I have not heard anyone give a clear explanation of why it is justified."  

Today Programme
BBC Radio 4

Jon Moynihan, of the Vote Leave campaign, is on Today talking the money the UK gives to Europe. We do get some of the money back “but the point is we don’t have a say in how that money is spent,” he says.

“We get less than half of the money back. We don’t get a choice as to how it's spent. There are bridges to nowhere up in the far reaches of Scotland… It’s probable that at the end of the day we would want to spend about 20% of that money,” he says.

Mr Moynihan adds the government of the day would therefore be able to decide what to do with the other 80% of the money rather than "it going on European vanity projects".

London's FTSE 100 has opened 1.46%, or 85 points, lower at 5,791 as those tumbling oil prices and disappointing Chinese economic data lead to another sell off. It follows a bad day on Asian markets, where the Shanghai Composite fell 6.4%.

Here's why Dixons Carphone boss Seb James is saying the retailer's trading figures resemble a camel.    

Shares in Asia are looking a little... well... volatile. Shanghai's index is down 6.4% at 2,750 points. China's rail freight volume, a key economic indicator, dropped 11.9% in 2015 from a year ago, compared with a decline of 3.9% in 2014, according to the National Development and Reform Commission, adding to concerns of contracting economic activity and weighing on oil prices.

Hong Kong's Hang Send index is down about 2.7% at 18,820, while Japan's Nikkei 225 closed 2.35% lower at 16,708 earlier in the day.

Meanwhile, oil prices have been taking a tumble again overnight giving back all of their gains made on Thursday and Friday,

Brent crude is currently down 6.7%% at $30.02, while West Texas Intermediate Oil is down 2.93% at $29.70.

Dixons Carphone says it is accelerating its merger of PC World, Currys and Carphone Warehouse outlets. It will mean cutting store numbers by 134, although the impact on staffing will "be neutral or better", the company says in a statement, external. The changes will mean eventual savings of £20m a year, Dixons says.

Carpetright reports that like for like sales in the three months to the end of January rose 2.4%. It left its profit guidance unchanged at between £17m to £18m.

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Easyjet has reported an 8.1% rise in passenger numbers in the three months to the end of December of 16.1 million.

It says capacity rose by 7.3% to 17.8 million seats. The low cost airline was also helped by lower fuel prices, which reduced its cost-per-seat by 3.7%.

Easyjet says its expects full year profit to be in line with expectations although revenues were slightly lower in the quarter at £930m versus £931m a year earlier.

Retailer Dixons Carphone says revenues rose 5% in the ten weeks to 9 January. It had record sales during Black Friday and strong growth during the post-Christmas promotional period. Chief executive Seb James described trading during the nine weeks as "the two-humped camel shape". The firm's profit guidance for the year, of £440m to £450m, is slightly ahead of consensus

BBC Radio 5 Live

Image source, Paramount

Just when bankers might have thought the trashing of their profession was winding down, along comes The Big Short. BBC 5 live has interviewed the Oscar-nominated film's director Adam McKay.

"There's no doubt in Washington DC that bankers own our government," he says. "There's millions of dollars flowing into Washington DC to buy votes and buy decisions. The one thing I would love to come from this movie is that if it could wake people up to that fact.

"The banks do the same game every time. They tell you that if you put us in jail, your economy is going to tank. And when you have leaders who aren't economists or finance people they believe it." 

The fall-out from the Google back-tax deal disclosed at the weekend continues. Today's newspapers are not happy. The Financial Times reports , externalthat Downing Street is distancing itself from George Osborne's claim that the deal was a "major success". And The Times, external says Google is negotiating a similar deal in France that could see it pay three times the amount paid in the UK - despite the tech giant having a far bigger British operation.

Today Programme
BBC Radio 4

Tom Stevenson of Fidelity is on Today now talking about the Google tax deal. He says it’s not necessarily the fact that Google is paying £130m in corporation taxes. “No-one knows whether the the figure is right or wrong,” he says. It’s the lack of transparency over Google’s tax deal with the Treasury that’s upsetting people, he adds.

Tokyo shares closed sharply lower, as oil prices resumed their downward slide and investors eyed the first policy meetings of the year by the US and Japanese central banks. The benchmark Nikkei 225 index tumbled 2.35%, or 402.01 points, to close at 16,708.90. The broader Topix index shed 2.33%, or 32.40 points, to finish at 1,360.23. 

BBC Radio 5 Live

Do we detect a bit of scepticism about the upcoming code of conduct report into Tesco? It's due out about 10am. Fidelity investment director Tom Stevenson is asked on Wake up to Money if it matters. "Not a great deal," he says. 

After all, Tesco has already admitted it breached the code. What will be of far more interest, however, is a report by the Serious Fraud Office sometime soon into Tesco's misstatement of its profit figures, he says.

BBC Radio 5 Live

Image source, EPA

Publication later of a report into whether Tesco breached the groceries code of conduct could be a whitewash, fears Duncan Swift, head of food advisory group at Moore Stephens, a firm which specialises in helping suppliers in financial trouble.

The battle between suppliers and the supermarkets has been a 30-year war, he tells Wake up to Money. But the adjudicator was only appointed in June 2013, and won't look into issues before then.

What recourse do suppliers have against the likes of Tesco? "Very little, really. Nothing." says Mr Stephens. "This [report] may be something that turns out to be a whitewash."