Tech giants like Facebook and Google should face greater competition, a six-month review of the sector has concluded.
Harvard professor and former economic adviser to Barack Obama, Jason Furman, who led the review, says consumers currently don't have enough choice.
"When there's one social network you can use it's a lot harder to leave that network if you don't like what you see in the case of privacy and so on," he says.
Mr Furman says the situation should be more like email systems, where all systems can talk to each other giving people more choice.
Philip Hammond is expected to outline the government's response later.
Metal airmiles
BBC Radio 5 Live
BrandauerCopyright: Brandauer
Wake Up To Money was with Brandauer's chief executive Rowan Crozier who explained that his precision engineering business exports parts to China, for kettles for instance.
"Our components... travel a lot of airmiles," he says.
Cooper from Germany for instance is imported to the UK and could be finished elsewhere in Europe.
He is hoping for some certainty over Brexit and sees the likelihood of a no deal Brexit as "slim".
'No-deal should be off the table'
Today Programme
BBC Radio 4
AFPCopyright: AFP
CBI director general Carolyn Fairbairn tells the Today Programme that no-deal should now be taken off the table because of the pressure on business.
She says just over two weeks away from 29 March means a delay to Brexit is now necessary because "business is not ready".
But she says that delay should be as short as is "realistically possible".
"Every week which goes by, firms are spending more on warehousing and stockpiling. It is a real cost, the uncertainty is biting," she says.
China stocks drop
Getty ImagesCopyright: Getty Images
China's market has closed in the red.
The Shanghai Composite Index
gave up 1.1% to end at 3,026.95 points. Earlier, Japan's Nikkei index lost 1% to close at 21,290.24.
Trump or France
BBC Radio 5 Live
More from Kimberley Scharf of Birmingham Business School on Wake Up To Money.
Look at the size of the UK economy relative to the EU's she says. The EU is 500m people and $20tn in size and the UK 66m people and $3tn in size.
"Any potential trading partner is going to be worried about... jeopardising their relationship with the much vaster... EU... We have to start asking to be want to be bossed by Trump or France".
'Sledgehammer to our economy'
Today Programme
BBC Radio 4
cbiCopyright: cbi
Carolyn Fairbairn, director general of business lobby group the CBI, says the tariffs - if they come into effect - would be "the biggest change in terms of trade since mid 19th century".
"These are being imposed on this country with no consultation with business, with no time to prepare. This is no way to run a country," she says.
"This imposition of new terms of trade comes at the same time as business blocked out of its closest trading partner," she says.
She warns the impact of a no-deal Brexit could be a "sledgehammer to our economy".
Dixon Carphone statement
Dixons Carphone says there is no change to its financial outlook from today's FCA fine as it had already set money aside for the possible fine from the Financial Conduct Authority.
Alex Baldock, chief executive, said: "We're obviously disappointed that Carphone Warehouse fell short in the past. But we're a very different business today; as the FCA acknowledges, we've made significant improvements since 2015. We're committed to stay on that trajectory, and to make sure all customers enjoy the right technology products and services for them".
'A balanced approach'
Today Programme
BBC Radio 4
Getty ImagesCopyright: Getty Images
Some industries, especially agriculture, will be protectedImage caption: Some industries, especially agriculture, will be protected
BBC business editor Simon Jack says the UK has taken a "balanced approach" to tariffs in the event of a no-deal.
"They've cut some and kept some in place, for example the tariff on sheep meat is exactly same as it is," he says.
He also says that the government did not consult businesses on its tariff plan, saying the topic was simply "too sensitive".
Morrisons profits
ReutersCopyright: Reuters
Underlying annual profits at supermarket group Morrisons are up 8.6% to £406m.
On a statutory basis, pre-tax profits after £86m exceptional items, were down 15.8% to £320m.
David Potts, Chief Executive, said: "A third consecutive year of strong sales and profit growth, and a total annual dividend up over 150% during those three years, show the Morrisons turnaround is well on track".
The final ordinary dividend is 4.75p, and a further special dividend of 4.00p. So the full-year total dividend up 24.9% to 12.60p.
And what's happening with the Irish border conundrum?
PACopyright: PA
On the Irish border, the government has said it would not
introduce any new checks or controls on goods moving from the
Irish Republic to the British province of Northern Ireland in
the event of a no-deal Brexit, stressing the plan was temporary
and unilateral.
Goods crossing the border from Ireland into Northern Ireland
would not be covered by the new import tariff regime.
But there is
a fear that these policies effectively create a border of sorts in the Irish
Sea since exports from the Republic of Ireland to the UK mainland would attract
tariffs and checks, while there would be no checks or tariffs on goods going
from the Republic to Northern Ireland.
The government insists
that does not constitute a new border but many will see it differently.
BreakingCarphone Warehouse fined £29m
The Financial Conduct Authority has fined Carphone Warehouse £29m for failings that led to the misselling of mobile phone insurance and technical support known as Geek Squad.
It follows an investigation sparked by whistleblowing reports, the FCA said.
During the period under
investigation (1 December 2008 to 30 June 2015) The Carphone Warehouse made
regulated sales of Geek Squad policies worth over £444.7m, the FCA said.
'Balanced approach'
PACopyright: PA
Some sectors, including cars, will retain tariff protectionImage caption: Some sectors, including cars, will retain tariff protection
Trade Policy Minister George Hollingbery said the government's priority is still securing a deal with the EU, but that it has to prepare for all eventualities.
"If we leave without a deal, we will set the majority of our import tariffs to
zero, whilst maintaining tariffs for the most sensitive industries.
"This balanced approach will help to support British jobs and avoid potential
price spikes that would hit the poorest households the hardest.
"It represents a modest liberalisation of tariffs and we will be monitoring
the economy closely as well as consulting with businesses to decide what our
tariffs should be after this transitional period."
Standard Life Aberdeen ditches co-chief executives
Standard Life Aberdeen is ending its co-chief executive structure from today.
Keith Skeoch will be sole chief executive.
Martin Gilbert will be Vice Chairman of Standard Life Aberdeen, Chairman of Aberdeen Standard Investments and remain an director on the Board.
The structure was introduced when the two companies merged in 2017.
New chairman, Sir Douglas Flint, said: "A great deal has been achieved by both Martin and Keith to drive the business forward, and leave us well-placed for the future. The changes that we have announced today have the unanimous backing of the Board. The new structure will strengthen our client focus, simplify reporting lines and facilitate robust execution of the next stages of our transition and transformation programmes".
Tariffs in detail
Here's more details of what the changes will be on tariffs should the UK enter a no-deal reality on 29 March:
Among the 13% of imports by value which will be subject to tariffs in the event of a no-deal will be:
- Beef, lamb, pork and poultry and some dairy products, in order to protect UK
farmers and producers from cheap imports
A number of tariffs on finished vehicles to support the automotive sector,
which will not apply to car parts imported from the EU to prevent disruption to
supply chains;
Products including certain ceramics, fertiliser and fuel, where tariffs
protect UK producers against unfair practices like dumping and state subsidies;
Goods including bananas, raw cane sugar and certain kinds of fish, where
tariffs are used to permit preferential access to the UK market for developing
countries.
BreakingTariffs set to be slashed in no-deal
Here's that big announcement about tariffs.
The UK will slash tariffs on a range of imports from outside the European
Union in the event of no-deal.
However, some products coming from the remaining 27 EU member states which are
currently imported free of tariffs will now face levies for the first time.
The changes would represent a "modest
liberalisation" of the UK's tariff regime, ministers say.
Under the unilateral temporary scheme announced by the Government, 87% of all
imports to the UK by value would be eligible for zero-tariff access - up from
80% at present - while many other goods will be subject to a lower rate than
currently applied under EU rules.
BreakingHong Kong bans Boeing Max
BoeingCopyright: Boeing
Hong Kong has joined a wave of other countries and blocs in deciding to temporarily ban the Boeing 737 Max aircraft from its airspace.
The move comes after an Ethiopian Airlines plane crashed on Sunday killing all 157 people on board, in the second fatal accident involving the 737 Max 8 model in five months.
The UK, China, the European Union and Australia have already banned the plane.
Tech shake-up
gettyCopyright: getty
Jason Furman was Barack Obama's chief economic adviserImage caption: Jason Furman was Barack Obama's chief economic adviser
Philip Hammond will give his initial response to a report by Barack Obama's former economic advisor Jason Furman in his Spring Statement.
Mr Furman has concluded tech giants like Facebook and Google should face greater competition.
Live Reporting
Bill Wilson
All times stated are UK
Stockpiling toilet roll
Retail editor for the Daily Telegraph and Sunday Telegraph tweets
Consumers 'need more tech choice'
Today Programme
BBC Radio 4
Tech giants like Facebook and Google should face greater competition, a six-month review of the sector has concluded.
Harvard professor and former economic adviser to Barack Obama, Jason Furman, who led the review, says consumers currently don't have enough choice.
"When there's one social network you can use it's a lot harder to leave that network if you don't like what you see in the case of privacy and so on," he says.
Mr Furman says the situation should be more like email systems, where all systems can talk to each other giving people more choice.
Philip Hammond is expected to outline the government's response later.
Metal airmiles
BBC Radio 5 Live
Wake Up To Money was with Brandauer's chief executive Rowan Crozier who explained that his precision engineering business exports parts to China, for kettles for instance.
"Our components... travel a lot of airmiles," he says.
Cooper from Germany for instance is imported to the UK and could be finished elsewhere in Europe.
He is hoping for some certainty over Brexit and sees the likelihood of a no deal Brexit as "slim".
'No-deal should be off the table'
Today Programme
BBC Radio 4
CBI director general Carolyn Fairbairn tells the Today Programme that no-deal should now be taken off the table because of the pressure on business.
She says just over two weeks away from 29 March means a delay to Brexit is now necessary because "business is not ready".
But she says that delay should be as short as is "realistically possible".
"Every week which goes by, firms are spending more on warehousing and stockpiling. It is a real cost, the uncertainty is biting," she says.
China stocks drop
China's market has closed in the red.
The Shanghai Composite Index gave up 1.1% to end at 3,026.95 points. Earlier, Japan's Nikkei index lost 1% to close at 21,290.24.
Trump or France
BBC Radio 5 Live
More from Kimberley Scharf of Birmingham Business School on Wake Up To Money.
Look at the size of the UK economy relative to the EU's she says. The EU is 500m people and $20tn in size and the UK 66m people and $3tn in size.
"Any potential trading partner is going to be worried about... jeopardising their relationship with the much vaster... EU... We have to start asking to be want to be bossed by Trump or France".
'Sledgehammer to our economy'
Today Programme
BBC Radio 4
Carolyn Fairbairn, director general of business lobby group the CBI, says the tariffs - if they come into effect - would be "the biggest change in terms of trade since mid 19th century".
"These are being imposed on this country with no consultation with business, with no time to prepare. This is no way to run a country," she says.
"This imposition of new terms of trade comes at the same time as business blocked out of its closest trading partner," she says.
She warns the impact of a no-deal Brexit could be a "sledgehammer to our economy".
Dixon Carphone statement
Dixons Carphone says there is no change to its financial outlook from today's FCA fine as it had already set money aside for the possible fine from the Financial Conduct Authority.
Alex Baldock, chief executive, said: "We're obviously disappointed that Carphone Warehouse fell short in the past. But we're a very different business today; as the FCA acknowledges, we've made significant improvements since 2015. We're committed to stay on that trajectory, and to make sure all customers enjoy the right technology products and services for them".
'A balanced approach'
Today Programme
BBC Radio 4
BBC business editor Simon Jack says the UK has taken a "balanced approach" to tariffs in the event of a no-deal.
"They've cut some and kept some in place, for example the tariff on sheep meat is exactly same as it is," he says.
He also says that the government did not consult businesses on its tariff plan, saying the topic was simply "too sensitive".
Morrisons profits
Underlying annual profits at supermarket group Morrisons are up 8.6% to £406m.
On a statutory basis, pre-tax profits after £86m exceptional items, were down 15.8% to £320m.
David Potts, Chief Executive, said: "A third consecutive year of strong sales and profit growth, and a total annual dividend up over 150% during those three years, show the Morrisons turnaround is well on track".
The final ordinary dividend is 4.75p, and a further special dividend of 4.00p. So the full-year total dividend up 24.9% to 12.60p.
And what's happening with the Irish border conundrum?
On the Irish border, the government has said it would not introduce any new checks or controls on goods moving from the Irish Republic to the British province of Northern Ireland in the event of a no-deal Brexit, stressing the plan was temporary and unilateral.
Goods crossing the border from Ireland into Northern Ireland would not be covered by the new import tariff regime.
But there is a fear that these policies effectively create a border of sorts in the Irish Sea since exports from the Republic of Ireland to the UK mainland would attract tariffs and checks, while there would be no checks or tariffs on goods going from the Republic to Northern Ireland.
The government insists that does not constitute a new border but many will see it differently.
BreakingCarphone Warehouse fined £29m
The Financial Conduct Authority has fined Carphone Warehouse £29m for failings that led to the misselling of mobile phone insurance and technical support known as Geek Squad.
It follows an investigation sparked by whistleblowing reports, the FCA said.
During the period under investigation (1 December 2008 to 30 June 2015) The Carphone Warehouse made regulated sales of Geek Squad policies worth over £444.7m, the FCA said.
'Balanced approach'
Trade Policy Minister George Hollingbery said the government's priority is still securing a deal with the EU, but that it has to prepare for all eventualities.
"If we leave without a deal, we will set the majority of our import tariffs to zero, whilst maintaining tariffs for the most sensitive industries.
"This balanced approach will help to support British jobs and avoid potential price spikes that would hit the poorest households the hardest.
"It represents a modest liberalisation of tariffs and we will be monitoring the economy closely as well as consulting with businesses to decide what our tariffs should be after this transitional period."
Standard Life Aberdeen ditches co-chief executives
Standard Life Aberdeen is ending its co-chief executive structure from today.
Keith Skeoch will be sole chief executive.
Martin Gilbert will be Vice Chairman of Standard Life Aberdeen, Chairman of Aberdeen Standard Investments and remain an director on the Board.
The structure was introduced when the two companies merged in 2017.
New chairman, Sir Douglas Flint, said: "A great deal has been achieved by both Martin and Keith to drive the business forward, and leave us well-placed for the future. The changes that we have announced today have the unanimous backing of the Board. The new structure will strengthen our client focus, simplify reporting lines and facilitate robust execution of the next stages of our transition and transformation programmes".
Tariffs in detail
Here's more details of what the changes will be on tariffs should the UK enter a no-deal reality on 29 March:
BreakingTariffs set to be slashed in no-deal
Here's that big announcement about tariffs.
The UK will slash tariffs on a range of imports from outside the European Union in the event of no-deal.
However, some products coming from the remaining 27 EU member states which are currently imported free of tariffs will now face levies for the first time.
The changes would represent a "modest liberalisation" of the UK's tariff regime, ministers say.
Under the unilateral temporary scheme announced by the Government, 87% of all imports to the UK by value would be eligible for zero-tariff access - up from 80% at present - while many other goods will be subject to a lower rate than currently applied under EU rules.
BreakingHong Kong bans Boeing Max
Hong Kong has joined a wave of other countries and blocs in deciding to temporarily ban the Boeing 737 Max aircraft from its airspace.
The move comes after an Ethiopian Airlines plane crashed on Sunday killing all 157 people on board, in the second fatal accident involving the 737 Max 8 model in five months.
The UK, China, the European Union and Australia have already banned the plane.
Tech shake-up
Philip Hammond will give his initial response to a report by Barack Obama's former economic advisor Jason Furman in his Spring Statement.
Mr Furman has concluded tech giants like Facebook and Google should face greater competition.
There's more here.
Cathay Pacific swings to profit
Cathay Pacific has swung to a profit after two years of losses as an overhaul plan appeared to bear fruit.
The Hong Kong carrier reported a $2.35bn Hong Kong dollars ($299m; £228m) annual profit for the year ended 31 December.
The result marks some good news after a run of recent blows for the airline, including a huge data breach and two first class fare blunders.
Pound surprisingly steady
Today Programme
BBC Radio 4
Following last night's rejection of Theresa May's withdrawal agreement by MPs, the pound has been surprisingly steady.
In thin volumes in Asian trading, it's currently trading at $1.31 against the dollar.
Sue Noffke, UK equity manager at Schroders, says markets had already priced in the failure of last night's vote.
"It's not a surprising outcome, but there's been a little bit of excitement," she says.
She says what happens next is less clear, given there's "still no one clear path".
But she says in terms of fundamentals for her business, investing in UK equities and UK assets "still look underpinned".