As David Cameron begins an EU offensive on tax avoidance, a charity accuses the Government of hypocrisy in its approach. 7:16am UK, Wednesday 22 May 2013.

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.

Most Asian stocks rose as Japanese shares advanced after the Bank of Japan maintained its easing plan. European equity futures were little changed before Federal Reserve Chairman Ben S. Bernanke's testimony on the economy.

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 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.