The FTSE 100 company, which was fined �10.5m in April for mis-selling to thousands of customers, also rejected calls to forgo any executive bonuses, instead cutting them by 40pc.

Nationwide Building Society, the U.K.'s largest customer-owned lender, said full-year pretax profit rose 3.4 percent as higher impairments in its property finance business offset growth at its consumer unit.

International Monetary Fund predicted the economy would grow 6.75 per cent in the 2013/2014 financial year, driven by gas production and investment.

As David Cameron begins an EU offensive on tax avoidance, Oxfam accuses the Government of hypocrisy in its approach. 8:11am UK, Wednesday 22 May 2013.

Inflation is expected to edge down to 2.7 per cent in April from 2.8 per cent in March as lower petrol prices help keep inflation under control.

Fiat Industrial aims to move its tax residency to the UK from Italy after a merger with US business CNH to take advantage of a lighter fiscal regime, according to a regulatory filing.

The taxman had expected to save �8bn by 2015 from reducing errors and fraud in the administration of tax credits, but is expected to miss its target by �5bn.

... Comments. � Japan reports worst April trade deficit � Power giant SSE pre-tax profit up 5.6pc � Europe faces lost decade, says Mark Carney � US and Canada eye Royal Mail stakes after privatisation � Apple: 'We pay every dollar of tax we owe' ...

The Institute of Directors claimed the fledgling industry could create 74,000 jobs, more than double its previous estimate of the industry's potential.

One in five people retiring in Britain in 2013 will fall below the income poverty line according to a study by Prudential, which also found that nearly a quarter of women will enter retirement entirely dependent on the basic state pension.