UK consumers ‘despondent’ ahead of the budget; pound heads for worst month in a year; Russia hikes interest rates – as it happened

People holding their breath' to see what's in store for them in Rachel Reeves's first budget, reports GfK

• Budget will reverse huge cuts in UK's public investment, Reeves confirms

Fewer businesses are being created - or closed down - in the UK than last year, new data from the Office for National Statistics shows.

The ONS reports that the number of businesses created in July-September 2024 was 3.7% lower than in Quarter 3 2023.