Kwasi Kwarteng to lift cap on banker bonuses; John Lewis slumps to £99m loss –as it happened

Chancellor reportedly plans to lift the EU-imposed banker bonus cap as part of post-Brexit reforms; John Lewis says uniquely uncertain' outlook puts staff bonuses at risk

Britain's competition watchdog has decided to carry out an in-depth investigation into Microsoft's $69bn purchase of the Call of Duty maker Activision Blizzard after the US tech giant failed to offer remedies to allay competition concerns.

The Competition and Markets Authority (CMA) reiterated its warning that:

it is or may be the case that this merger may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom.