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.

The Bank of Japan kept its monetary settings on hold on Wednesday, judging that the huge stimulus unveiled in April will be enough to spur price gains in the world's third-largest economy.

U.S. Senate scrutiny of Apple Inc. (AAPL)'s tax strategies turned the spotlight on a unit with $30 billion in profit since 2009 that's incorporated in Ireland, controlled by a board in California, and doesn't pay taxes in either place.

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.