Today Programme
BBC Radio 4

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It's becoming clear that the UK will "fully exit" the European Union, says George Osborne's former chief of staff, Rupert Harrison. 

Rather than remain part of the European Economic Area like Norway, the UK will come up with its own deal which tries to recreate the existing relationship as closely as possible, he says. 

The Brexit negotiations will then vary sector-by-sector for businesses, he predicts.

Some will be "rule takers" - like car makers - so they can continue to access the EU single market. For others, like the City of London, it's a "non-starter" for them to have rules dictated by the EU, he says.

Image source, Samsung Biologics

South Korea's Samsung sells pretty much everything from phones to fridges and from ships to life insurance. 

It also has a drug-making business called Samsung Biologics, which is looking to sell shares on the South Korean stock exchange later this year.

The company said today it hopes to raise as much as $2bn (£1.6bn).

Analysts said it could be South Korea's biggest stock market listing this year as the firm looks to become the world's largest contract manufacturer of biotech drugs for pharmaceutical firms. 

Today Programme
BBC Radio 4

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Chancellor Philip Hammond's speech on Monday is being interpreted by some as consigning George Osborne's budget rules to the dustbin.

However, Rupert Harrison, who was Mr Osborne's former chief of staff, says the ex-chancellor would have made a "very similar speech". 

Osborne had already said the 2020 target for eradicating the budget deficit was unrealistic following the Brexit vote, Mr Harrison tells the Today Programme.

Were Osborne still chancellor, he would also have made quite cheap policy announcements, which were attention grabbing but without committing his hand, suggests Mr Harrison, who is now at American investment firm Blackrock.

BBC tech correspondent Rory Cellan-Jones tweets:

Image source, Bloomberg

The chart above shows the pound against the dollar over three sessions. And you can seen in the middle, Monday's fall to $1.2818, as traders reacted to the Prime Minister setting a date to begin the formal process of the UK leaving the European Union.

And in Asian trading there wasn't much evidence of a recovery, the pound is currently around $1.2841, which is a touch lower than Monday's close.

Image source, Greggs

Greggs' push into healthier foods appears to be having some success.

It said that its Balanced Choice products were "popular" over the summer months.

For the 13 weeks to 1 October, external like-for-like sales rose 2.8%, which was in line with Greggs' expectations.

"A welcome voice of pragmatism" is how the Financial Times casts Chancellor Hammond's speech in its editorial today. 

"The absence of a gung-ho tone is welcome," it said.

Aditya Chakrabortty in the Guardian is less impressed. He says that Mr Hammond sees an economic slowdown resulting from Brexit, but "does little to mitigate the coming pain".

The Times says the speech represented a "significant reset" of economic policy which "consigned the fiscal rules of his predessor, George Osborne, to the dustbin".

In the Telegraph, a sketch by Michael Deacon says that "Mr Hammond long ago established himself as one of the most formidably boring speakers in politics".

"Yesterday's masterclass will only have added to his reputation."

Today Programme
BBC Radio 4

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The FTSE 100 surged on Monday to finish just below the 7,000 mark, while the pound slumped further against the dollar (to within half a cent of a 31-year low).

The weakness of the pound benefits firms that either sell overseas and bring their money back and convert into pounds, or those that actually export, says James Bevan, chief investment officer at CCLA Investment Management.

"On both counts the market cheers," he tells the Today Programme.

Today Programme
BBC Radio 4

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Gerard Lyons, a former adviser to Boris Johnson, says there was "a lot of economic reality" in the Chancellor's speech on Monday. 

Philip Hammond addressed "head on" the major economic issues, such as low productivity and the need to invest more in infrastructure, Mr Lyons, who is now an economics adviser to the Policy Exchange, tells the Today Programme.

It was "a more proactive, but realistic, stance from the Chancellor", he says.

Ann Pettifor, an economist at Policy Research in Macroeconomics, adds that Mr Hammond showed more flexibility than his predecessor, George Osborne. 

"He's more willing to stop thinking of the deficit as the target of policy but the outcome of policy," she says.

BBC Radio 5 live

On Monday Chancellor Philip Hammond announced plans to invest £220 million in Britain's high-skilled tech sector - in particular "disruptive technologies". 

Alastair Campbell has set up several start ups in Nottingham.

"To really grow British tech you really have to put the money in. If you look at the £200m they are talking about, then it's a drop in the ocean

"In 2015, US companies had $60bn invested in them, we had $3.6bn," he said. 

"Uber got more investments last year than the whole of the tech sector in the UK," Mr Campbell pointed out on Wake Up To Money.

David Buik from stock brokers Panmure Gordon tweets:

BBC Radio 5 live

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More than three quarters of employees have experienced symptoms of poor mental health in their lives and more than 60% of them say that work is a contributing factor.

That's according to Business in the Community, a charity that promotes responsible business practices.

"A lot of line managers simply don't know how to talk about mental health... they don't have the skills or the training to have those difficult conversations," said Louise Aston, wellbeing director at Business in the Community.

"Since we went through the financial crisis, a lot of employers are having to do more with less... workloads do seem to be getting bigger."

Image source, Getty Images

It's thought Google will launch two new smartphones later today. Reports say that the Nexus smarthphones will be replaced with the Pixel and Pixel XL, which will have more powerful processors, better cameras and extended battery life.

The launch event will take place in San Francisco and Google is also expected to launch a device to manage systems in the home.

BBC Radio 5 live

The news from the European banking industry has been a bit grim lately. On Monday ING announced plans to cut 7,000 jobs over the next five years.

"We have a slow car crash in European banking, because banks find it extremely difficult to live in the environment that has been created by the European Central Bank... the profitability that underpins these banks is under pressure," says James Bevan, chief investment officer at CCLA Investment Management, on Wake Up To Money.

Presenter Louise Cooper points out that one index of European banking shares is down 24% so far this year, wiping $280bn off the value of those shares.

Image source, AFP

Asian shares are trading higher, with the region's largest market, Japan's Nikkei 225 seeing the biggest gains. The index is 0.8% higher, with the country's exporters benefiting from a weaker yen. 

Honda shares are up by 1.9% while Toyota is 1.5% higher. 

In Australia, the ASX 200 is lower by 0.2%, with most banking stocks lower as the chief executives of the country's biggest four lenders are facing an inquiry over past rates, profits and business practices. 

In Hong Kong, the Hang Seng is flat while South Korea's Kospi is 0.5% higher.   

Mainland China markets remain closed for the week due to a public holiday. 

Ben Morris
Business reporter

Welcome to Tuesday's Business Live page. You can expect more reaction to the Chancellor's statement on Monday and we'll be keeping an eye on how the pound performs. Google is expected to launch new smartphones. And for fans of pastry - the latest trading statement from Greggs is due out later.