VAT verdict: we just don’t know

On the eve of VAT’s returnn to its old 17.5 per cent rate the jury is still out about the 2.5 per cent cut which Alistair Darling thought would give the economy a 12-month boost.

Ultimo boss receives OBE

The founder of the Ultimo underwear range Michelle Mone has been given an OBE in the Queen’s New Year honours list in further recognition of the work of high-flying British entrepreneurs.