RETAIL SALES DROP AS HIGH INTEREST RATES HIT SHOPPERS 

UK retail sales unexpectedly fell in October, as goods bought declined 0.3 per cent compared to the previous month, the Office for National Statistics (ONS) has said today (Financial Times).  

The volume of retail sales was also 2.7 per cent below its level in October 2022. Whilst households are being cautious given the squeeze on their finances, economists and industry experts believe that consumers have been saving up for greater spending during the festive season (Sky News)

JEREMY HUNT EXPLORES CUTTING INHERITANCE TAX AND BUSINESS LEVIES 

The chancellor is looking at cutting inheritance tax and business taxes in next week’s Autumn Statement, as ministers confirmed he would have more fiscal headroom than expected, according to the Financial Times.  

The chancellor will today receive final forecasts from the Office for Budget Responsibility, ahead of a final decision being made before Wednesday. Treasury sources confirmed to The Independent that cutting inheritance tax and taxes for small businesses is under consideration. 

NEWS IN BRIEF

UK Finance has today published its latest total tax contribution of the UK banking sector report, produced by PwC (City AM).  

Energy bills will rise by five per cent or almost £100 a year from January, forecasts from Cornwall Insights have shown (The Times).

The UK has said it will refrain from regulating the British artificial intelligence sector, due to concerns from the government that heavy-handed regulation could restrain industry growth (Financial Times).   

The Financial Conduct Authority has said in a new review into funds labelled as “responsible”, “ethical” or “sustainable”, that fund managers were failing to meet its expectations on stamping out greenwashing (The Times).