Falling clothes sales at Marks & Spencer have dragged down the retail giant's annual profits to an eight-year low, as it said the executive behind the �Your M&S� branding is to step down.

Britain will be advised to sell off the state's holdings in the Royal Bank of Scotland and Lloyds Bank by the International Monetary Fund (IMF) in a move that will embolden George Osborne as he attempts to justify his economic strategy.

The annual rate of inflation eased to 2.4 per cent last month, thanks to falls in petrol prices and air fares, the Office for National Statistics reported yesterday.

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 UK tax authority's failure to hit a target of reducing tax credit fraud and error has "cost the taxpayer dear", according to a committee of MPs.