Shares in Alphabet, the parent company of Google, fell by more than 3% in after-hours trading as investors were spooked by its capital expenditure rising to $7bn, despite reporting a 22% rise in fourth quarter sales.

An spike in online advertising saw revenues increase to $39.2bn (£30bn) for the final three months of the year.

***

Business secretary Greg Clark has admitted the existence of a previously secret package of state aid to car maker Nissan that could have been worth up to £80m had the Japanese company gone ahead with plans to manufacture a new model X-Trail in Sunderland after