Sales: Shoppers Ready For More Bargain Hunting

Bargain-hungry shoppers are expected to spend nearly £3bn today on the second day of the post-Christmas sales.

The amount of money spent is predicted to be more than the estimated £2.7bn spent in shops and online on Boxing Day though bad weather is having an impact in some areas.

But while a devastating loss of trade over the crucial festive season could force some local shops out of business, many high streets unaffected by the storms are expected to see a repeat of some of the frenzied scenes witnessed on Thursday as shoppers queued for hours to get the best bargains.

A total of £2.22bn was projected to have been spent in stores on Thursday, up 5.7% on last year, according to the Centre for Retail Research (CRR).

Online shoppers spent £540m - a new daily record - on Boxing Day, up 15% on last year, IMRG, the internet retailers' association, said.

Many people queued from before dawn in London

Total spending on Friday could be even higher, with shops expected to take £2.57bn - up more than 7% on last year's £2.4bn on December 27.

Online sales are expected to peak £400m.

Thousands of people hit British high streets yesterday for the traditional Boxing Day sales, with international tourists out in force and spending big.

Many keen bargain-hunters started queuing before dawn to ensure they were first in line when the shops opened.

Shoppers are predicted to spend £2.5bn in the high street on Friday

Selfridges on Oxford Street in central London saw some of the largest queues.

As 3,500 shoppers surrounded the huge shopping emporium, it was apparent the queue was made up of people from all around the world - particularly from China.

The significant presence of international shoppers was confirmed by Global Blue tax-free shopping experts.

Shoppers from Qatar spend the most on average per transaction (£1,714) followed by those from the United Arab Emirates (£1,372).

But a spokesman said Chinese shoppers are the biggest spenders overall.

They spend £1,367 on average per transaction, but are more likely to return to the tills with more goods.

Selfridges celebrated its most successful ever first hour of trade, taking over £1.9m between 9am and 10am - up 16% compared with last year.

Harrods also kicked off its winter sale and offered mugs of hot chocolate, smoked salmon canapes and blankets to keep people warm in the queue.

Department store Liberty offered designer goods at a fraction of their usual price, while both Next and Marks & Spencer boasted discounts of up to 50% on sale items.

Bluewater in Kent predicted more than 800,000 people would come through its doors between Boxing Day and New Year's Eve.

More than 1.4 million shoppers are expected to spend a total of more than £50m in London's West End today.

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Pound Hits Two-Year High Against Dollar

The pound has hit its highest level against the US dollar for nearly two-and-a-half years amid Britain's buoyant economic recovery.

Sterling rose to 1.65 dollars, a level not seen since August 2011, as strong economic figures continue to provide a boost and spur expectations that the Bank of England will move to raise interest rates earlier than expected.

A report from the Centre for Economics and Business Research (CEBR) on Thursday predicted the UK would become Europe's largest economy within two decades, overtaking France and Germany.

The UK recovery has been picking up pace in recent months and official figures saw growth data revised higher last week.

Figures correct at 16:06 GMT Friday December 27

The Office for National Statistics (ONS) said growth in 2012 was 0.3%, up from a previous estimate of 0.1%, while the figure for the first quarter of this year was revised up from 0.4% to 0.5% and for the second quarter from 0.7% to 0.8%.

A stronger pound is good news for tourists, as it boosts their spending power.

UK holidaymakers have up to 28% more spending money for their trips as a result of the pound's recent strength, according to a Post Office Travel Money survey.

It has also helped bring down UK inflation, by making it cheaper for Britain to import goods and services.

But the gains in sterling could provide a headache for manufacturers and exporters, as a stronger pound makes products more expensive for overseas buyers and therefore could dampen demand.

The Bank's Monetary Policy Committee recently warned that a significant increase in the pound's strength could pose risks to the recovery, while it could also dent the Government's aims to rebalance the economy towards manufacturing and exports.

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NatWest 'Hit By Fourth Online Banking Glitch'

NatWest has been hit by a cyberattack, leaving customers unable to access online accounts.

The bank's online banking service was disrupted after it was deliberately bombarded with internet traffic.   

Twitter users tweeted to say they could not access their bank accounts to pay bills or transfer money.

@TomGilchrist wrote: "Do other banks computer systems/services go down as much as NatWest? I assume not. Time to move banks I think."

@AleexReid tweeted: "Just joined Santander. Fed up with NatWest. Another computer failure tonight. #welldone."

A NatWest spokesperson said: "Due to a surge in internet traffic deliberately directed at the NatWest website, some of our customers experienced difficulties accessing our customer web sites this evening.

"This deliberate surge of traffic is commonly known as a distributed denial-of-service (DDoS) attack.

"We have taken the appropriate action to restore the affected web sites. At no time was there any risk to customers. We apologise for the inconvenience caused."

At the beginning of December all of RBS and NatWest's systems went down for three hours on one of the busiest shopping days of the year.

The group chief executive Ross McEwan described that glitch as "unacceptable" and added: "For decades, RBS failed to invest properly in its systems.

"We need to put our customers' needs at the centre of all we do. It will take time, but we are investing heavily in building IT systems our customers can rely on."

RBS and NatWest also came under fire in March after a "hardware fault" meant customers were unable to use their online accounts or withdraw cash for several hours.

A major computer issue in June last year saw payments go awry, wages appear to go missing and home purchases and holidays interrupted for several weeks, costing the group £175m in compensation.

This latest problem is the fourth time in 18 months RBS and NatWest customers have reported problems with the banks' services.

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Obama Signs Budget Deal And Defence Bill

President Barack Obama has signed a bipartisan budget bill and a defence bill, marking a modest end to a challenging year for the White House and Congress.

The president put his signature on both hard-fought bills while on holiday with his family in Hawaii.

The bill signing marks one of Mr Obama's last official acts in a year beset by a partial government shutdown, a near-default by the Treasury, a calamitous health care rollout and near-perpetual congressional gridlock.

The budget bill was not the grand bargain that Mr Obama and congressional Republicans had initially sought.

Mr Obama is in Hawaii with his family for the Christmas holiday

It does, however, end the cycle of fiscal brinkmanship for now and prevents another government shutdown for nearly two years.

The bill reduces automatic across-the-board spending cuts, restores about $63bn over two years and includes a projected $85bn in other savings.

The president also signed a comprehensive defence bill on Thursday that cracks down on sexual assault in the military.

Under the legislation, military commanders no longer will be permitted to overturn jury convictions for sexual assault.

Its signing caps a year-long campaign led by women in the Senate to address the scourge of rape and sexual assault in the US military.

The bill also gives military personnel a 1% pay raise and provides $552.1bn for the regular military budget, plus $80.7bn for the Afghanistan war and other overseas operations.

Mr Obama signed the two bills and several others in private, without reporters present, after an early-morning trip to the gym at the Marine Corps base near his vacation rental in Oahu.

With the last vestiges of 2013's legislative wrangling behind him, the president's attention turns now to major challenges and potential bright spots in the year ahead.

In late January, Mr Obama will give his fifth State of the Union address, setting his agenda for the final stretch before the 2014 midterm elections render him less able to focus Washington's attention on his own priorities.

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Britain's Economy 'Could Overtake Germany'

Britain could overtake Germany to become Europe's largest economy, according to new research by an economic think-tank.

The Centre for Economics and Business Research (CEBR) predicts the UK's GDP will move ahead of France by 2018, then leapfrog Germany by 2030.

Douglas McWilliams, the CEBR's chief executive, told The Daily Telegraph that Britain could become even stronger outside the European Union.

"My instinct is that in the short-term, the impact of leaving the EU would undoubtedly be negative," he said.

"My suspicion is that over a 15-year period, it would probably be positive."

But the report says Britain is also forecast to fall behind the accelerating economies of India and Brazil.

The UK's GDP will grow from more than £1.59 trillion in 2013 to £2.6 trillion in 2028, compared with China, which is predicted to be in top position with a GDP of £20.5 trillion, ahead of the US with an estimated £19.7 trillion

Japan will fall from its steady position in the global league of third to fourth by 2028, overtaken by India and followed by Brazil, Germany and the UK.

A treasury spokesperson said Britain's "hard work is paying off" with positive growth and job creation, but warned there is still work to be done. 

The spokesperson said: "The economy is growing, the deficit is falling and jobs are being created and while this report is encouraging, the job is not yet done. So the government will go on taking the difficult decisions needed to secure a responsible recovery for all."

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Sales: Shoppers Ready For More Bargain Hunting

Bargain-hungry shoppers are expected to spend nearly £3bn today on the second day of the post-Christmas sales.

The amount of money spent is predicted to be more than the estimated £2.7bn spent in shops and online on Boxing Day.

High streets should see a repeat of some of the frenzied scenes witnessed yesterday as shoppers queued for hours to get the best bargains.

A total of £2.22bn was projected to have been spent in stores on Thursday, up 5.7% on last year, according to the Centre for Retail Research (CRR).

Online shoppers spent £540m - a new daily record - on Boxing Day, up 15% on last year, IMRG, the internet retailers' association, said.

Many people queued from before dawn in London

Total spending on Friday could be even higher, with shops expected to take £2.57bn - up more than 7% on last year's £2.4bn on December 27.

Online sales are expected to peak £400m.

Thousands of people hit British high streets yesterday for the traditional Boxing Day sales, with international tourists out in force and spending big.

Many keen bargain-hunters started queuing before dawn to ensure they were first in line when the shops opened.

Shoppers are predicted to spend £2.5bn in the high street on Friday

Selfridges on Oxford Street in central London saw some of the largest queues.

As 3,500 shoppers surrounded the huge shopping emporium, it was apparent the queue was made up of people from all around the world - particularly from China.

The significant presence of international shoppers was confirmed by Global Blue tax-free shopping experts.

Shoppers from Qatar spend the most on average per transaction (£1,714) followed by those from the United Arab Emirates (£1,372).

But a spokesman said Chinese shoppers are the biggest spenders overall.

They spend £1,367 on average per transaction, but are more likely to return to the tills with more goods.

Selfridges celebrated its most successful ever first hour of trade, taking over £1.9m between 9am and 10am - up 16% compared with last year.

Harrods also kicked off its winter sale and offered mugs of hot chocolate, smoked salmon canapes and blankets to keep people warm in the queue.

Department store Liberty offered designer goods at a fraction of their usual price, while both Next and Marks & Spencer boasted discounts of up to 50% on sale items.

Bluewater in Kent predicted more than 800,000 people would come through its doors between Boxing Day and New Year's Eve.

More than 1.4 million shoppers are expected to spend a total of more than £50m in London's West End today.

:: Watch Sky News live on television, on Sky channel 501, Virgin Media channel 602, Freeview channel 82 and Freesat channel 202.

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Britain's Economy 'Could Overtake Germany'

Britain could overtake Germany to become Europe's largest economy, according to new research by an economic think-tank.

The Centre for Economics and Business Research (CEBR) predicts the UK's GDP will move ahead of France by 2018, then leapfrog Germany by 2030.

Douglas McWilliams, the CEBR's chief executive, told The Daily Telegraph that Britain could become even stronger outside the European Union.

"My instinct is that in the short-term, the impact of leaving the EU would undoubtedly be negative," he said.

"My suspicion is that over a 15-year period, it would probably be positive."

But the report says Britain is also forecast to fall behind the accelerating economies of India and Brazil.

The UK's GDP will grow from more than £1.59 trillion in 2013 to £2.6 trillion in 2028, compared with China, which is predicted to be in top position with a GDP of £20.5 trillion, ahead of the US with an estimated £19.7 trillion

Japan will fall from its steady position in the global league of third to fourth by 2028, overtaken by India and followed by Brazil, Germany and the UK.

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SFO Investigates Rolls-Royce Bribery Claims

The Serious Fraud Office (SFO) has started a formal investigation into bribery and corruption allegations at Rolls-Royce.

The claims first came to light a year ago when the SFO ordered the world's second-largest maker of aircraft engines to conduct an inquiry and hand over details of possible wrongdoing in China, Indonesia and other markets.

"We have been informed by the Serious Fraud Office that it has now commenced a formal investigation into these matters," Rolls-Royce said on Monday.

Last December, the company said it was co-operating with regulators relating to allegations of malpractice involving intermediaries in Indonesia and China.

The aerospace and defence group said then it had "identified matters of concern in these and in other overseas markets."

Shares in the company, which operates in more than 50 countries across the world, were 0.2% down in the minutes following the announcement.

The group, which has major sites at Derby and Bristol and employs around 45,000 people, appointed veteran lawyer Lord Gold last year to review the company's compliance procedures in the wake of the claims.

In March, the company appointed BP director Ian Davis, a former managing director of management consultancy McKinsey & Co, as chairman.

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Bargain Hunters Flock To Boxing Day Sales

Bargain hunters are set to flock to the high streets in their thousands today as shops open for the Boxing Day sales.

Shoppers have already started queuing to ensure they are first in line when the shops open.

Harrods is kicking off its winter sale with the promise of mugs of hot chocolate, smoked salmon canapes and blankets to keep people warm in the queue.

They will also be serenaded by a string quartet and be treated to a performance by a street magician.

Some online sales started on Christmas Eve and millions of consumers are believed to have already snapped up goods from home.

Some 117 million visits to retail websites were estimated to have been made on Wednesday in the UK, with Boxing Day's figure set to rise to over 118 million.

Shopping habits are changing, according to analysts

Robert Goodman, Bluewater's general manager, said: "We are ready for a bumper Boxing Day this year.

"With the strongest retail offer to date, and with 50 new brands launching with us this year, we are expecting visitor numbers to be on a par with Boxing Day last year.

"This will begin what is likely to be our busiest six days of the year."

James Murray, digital insight manager at Experian, said: "Christmas 2013 has consistently outperformed 2012 on virtually every single shopping day this December, with online visits from Christmas Eve through to Boxing Day up from last year, a record-breaking Cyber Monday and the emergence of the even busier Middle Cyber Monday.

"Shopping habits are changing, with Christmas Day becoming a significant shopping day during the period.

"As a result, we anticipate a more sustained shopping pattern during this period, moving away from the traditional peaks and troughs usually evident during holiday season."

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SFO Investigates Rolls-Royce Bribery Claims

The Serious Fraud Office (SFO) has started a formal investigation into bribery and corruption allegations at Rolls-Royce.

The claims first came to light a year ago when the SFO ordered the world's second-largest maker of aircraft engines to conduct an inquiry and hand over details of possible wrongdoing in China, Indonesia and other markets.

"We have been informed by the Serious Fraud Office that it has now commenced a formal investigation into these matters," Rolls-Royce said on Monday.

Last December, the company said it was co-operating with regulators relating to allegations of malpractice involving intermediaries in Indonesia and China.

The aerospace and defence group said then it had "identified matters of concern in these, and in other overseas markets."

Shares in the company, which operates in more than 50 countries across the world, were 0.2% down in the minutes following the announcement.

The group, which has major sites at Derby and Bristol and employs around 45,000 people, appointed veteran lawyer Lord Gold last year to review the company's compliance procedures in the wake of the claims.

In March, the company appointed BP director Ian Davis, a former managing director of management consultancy McKinsey & Co, as chairman.

:: Watch Sky News live on television, on Sky channel 501, Virgin Media channel 602, Freeview channel 82 and Freesat channel 202.

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