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.

LONDON�The storm brewing over Apple Inc.'s tax practices in the U.S. has already rained down hard in the U.K., where multinationals including Starbucks Corp.

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.