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 Video: Patrick Barkham on why retailers launch early Christmas sales
<p><strong>Patrick Barkham</strong> hits Oxford Street as leading retailers launch early Christmas sales</p>
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Tactical shopping key for bargain hunters looking to cash in on stores' price war
'Flash' or 'guerrilla' sales at M&S and Debenhams marking the start of what is likely to be a war between high street stores
Bargains galore as Christmas comes early for shoppers
<div><img alt="" src="http://hits.guardian.co.uk/b/ss/guardiangu-feeds/1/H.15.1/41813?ns=guardian&pageName=Business%3A+Bargains+galore+as+Christmas+comes+early+for+shoppers&ch=Business&c3=The+Guardian&c4=Retail+industry+%28Business%29%2CChristmas+%28Life+and+style%29%2CBusiness%2CCredit+crunch+%28Business%29%2CConsumer+affairs+%28Money%29%2CSaving+money+%28Money%29%2CSavings+%28Money%29%2CMoney&c5=Personal+Finance%2CUnclassified%2CCredit+Crunch%2CBusiness+Markets&c6=Julia+Finch%2CMartin+Wainwright%2CPatrick+Barkham&c7=2008_11_21&c8=1121628&c9=article&c10=GU&c11=Business&c12=Retail+industry&c13=&c14=&h2=GU%2FBusiness%2FRetail+industry" width="1" height="1" /></div><p>Shoppers were lured back on to the high street yesterday as stores slashed prices in an attempt to kickstart the vital Christmas trading period and shift unsold stock.</p><p>In the annual game of chicken between consumers and stores, the retailers have blinked first. There may still be 34 shopping days until Christmas, but over the past three weeks sales have fallen off a cliff for many retailers. Faced with what some analysts have warned could be the worst Christmas for 30 years as a result of falling house prices, rising unemployment and rock-bottom confidence, retailers have already resorted to price cuts and promotions.</p><p>It was Marks & Spencer's decision to hold a one-day 20% off "spectacular"- for the first time in four years - that prised many reluctant shoppers out of their homes and offices. </p><p>But the shop windows in the West End of London were plastered with posters promising bargains. Debenhams was in the middle of a three-day 25% off sale and there were sale signs up in Jane Norman, Mexx, Clarks, H Samuel, and Sir Philip Green's Arcadia Group chains, including Burton, Dorothy Perkins and Bhs.</p><p>New figures from the Office for National Statistics suggested retail sales were proving unexpectedly resilient. The ONS said sales dropped by just 0.1% in October, leaving them 1.9% higher than last year. This was way ahead of forecasts in the City, where analysts had been predicting a slump of 0.9%.</p><p>But in recent months economists and retailers have repeatedly questioned the accuracy of the ONS figures. Even the Bank of England has suggested the data should be treated with caution.</p><p>David Tinsley, an economist with nabCapital, predicted the official figures would soon catch up with reality: "The figure will probably crash around November or December."</p><p>Surprise sales can anger shoppers who have bought items at full price and yesterday some M&S customers were certainly planning revenge. One woman, who asked to remain nameless, said several of her friends were buying items at 20% off which they had already purchased and planned to return with their original items another day to get a full refund.</p><p>Nevertheless, M&S boss Sir Stuart Rose insisted the discounts had given the UK's biggest clothing retailer a much-needed boost: "It seems to have touched the spot. It's a riot."</p><p>Shopper Judith Limbert, who had travelled to Oxford Street from Berkhamsted in Hertfordshire for the M&S sale, said consumers were waiting for bargains: "In the runup to Christmas I suspect people are going to hang on and hang on, waiting for sales." </p><p>Limbert had been planning to buy Christmas presents in M&S but had been waiting to see if it would offer reductions. She said her family would definitely spend less this year and would look for bargains on the internet. "We've got less money in that our utility bills are higher and food bills are dearer."</p><p>A survey yesterday said that 80% of consumers plan to spend less this year and there was more gloom from credit rating agency Moodys, whose chief international economist, Ruth Stroppiana, warned: "Britain's retailing sector is expected to come under increasing pressure in coming quarters as the country's highly indebted households continue to rein in expenditure." </p><p>Over at the new Westfield shopping centre in west London, in the basement food hall of M&S's vast store, trolleys were clattering through the tills.</p><p>With a recession around the corner, it was clearly time to stock up on champagne. A couple from Dorset were piloting a trolley laden with M&S bubbly. They bought 36 bottles - and saved nearly &pound;450 on the shelf price. </p><p>The champagne was a triple bargain. On top of the 20% off was another 10% discount and a &pound;5-a-bottle reduction for buying more than 12 bottles. The result was a &pound;26 ticket price slashed to just &pound;13 a bottle.</p><p>Isabelle Marsh bought 36 bottles for just under &pound;500, compared with the &pound;936 full price.</p><p>Marsh runs Bournemouth-based Viva Las Vegas, a fun casino business for private parties, and the champagne will be used as prizes. </p><p>At the next till her friends Kay and Roger Brahams, from Surrey, who are also in the casino business, were doing exactly the same. They also had a collection of blue spotted bow ties and waistcoats for their croupiers - four waistcoats, four bow ties and two pairs of black trousers for &pound;124, down from &pound;155 for one day only. "It's for the business," said Roger Brahams. "It is too good to miss." </p><p>On the clothing floor, however, there were many shoppers who had used the discount day to bring forward purchases they were planning to make anyway. Mark, a BBC employee, had popped in to buy an &pound;80 coat he had his eye on. "My wife rang me this morning to tell me about the sale," he explained. He paid &pound;64 and walked away very pleased. </p><p>In Sheffield city centre, Carolyn Bowler had nipped out in her lunch break to buy a box of Christmas crackers, but by the time she had heaved her way out of M&S she had three of them, plus a new dressing gown.</p><p>"You've to shop carefully these days," she said, as three women marched past with purple Debenhams balloons and leaflets promising "25% off plus look inside for half-price bonus deals".</p><p>"These offers are bringing people out, no question," said another lunchtime shopper called Marion - "please don't print my surname in case my children read the paper and it spoils their Christmas surprise". The surprise is that Marion is making them clothes herself this year, instead of buying new ones.</p><p>"You've got to cut back at times like these," she said. "We certainly have anyway, because my husband's not had a job since the summer. No one knows what the future holds any more."</p><p>It was all music to the ears of Ian Fleming, who was supervising Debenhams balloon women. Enticing punters with the likes of a shimmer bow back dress reduced to &pound;37.50 from &pound;75, he said: "Shoppers will never get tired of good value and a bargain. This is working. It's even better out at the Meadowhall shopping centre."</p><p>That, however, was impossible to check: reporters were barred from doing interviews in the sprawling complex beside the M1 because of the current spate of gloomy stories.</p><h2>Top savings</h2><p><strong>TomTom GO 730 satnav</strong></p><p>totalpda: £311.68</p><p>amazon.co.uk: £204.64</p><p>Saving: £107.04</p><p><strong>Wii console + sports pack</strong></p><p>Dixons price £269.99</p><p>game.co.uk £179.99</p><p>Saving £90.00</p><p><strong>Panasonic TX-F32LZD81</strong></p><p>plasma screen TV</p><p>1staudiovisuals.co.uk £695.25</p><p>Currys £799.99</p><p>Saving £104.74</p><p><strong>Vera Wang Princess (50ml)</strong></p><p>cheapsmells.com £30.90</p><p>Boots £40</p><p>Saving £9.90</p><div style="float: left; margin-right: 10px; margin-bottom: 10px;"><ul><li><a href="http://www.guardian.co.uk/business/retail">Retail industry</a></li><li><a href="http://www.guardian.co.uk/lifeandstyle/christmas-xmas">Christmas</a></li><li><a href="http://www.guardian.co.uk/business/creditcrunch">Credit crunch</a></li><li><a href="http://www.guardian.co.uk/money/consumeraffairs">Consumer affairs</a></li><li><a href="http://www.guardian.co.uk/money/saving-money">Saving money</a></li><li><a href="http://www.guardian.co.uk/money/savings">Savings</a></li></ul></div><div class="guRssAdvert"><a href="http://ads.guardian.co.uk/click.ng/richmedia=yes&site=Business&country=usa&spacedesc=rss&system=rss&transactionID=1227244309649112105194449355"><img src="http://ads.guardian.co.uk/image.ng/richmedia=yes&site=Business&country=usa&spacedesc=rss&system=rss&transactionID=1227244309649112105194449355" border="0" /></a></div><a href="http://www.guardian.co.uk">guardian.co.uk</a> &copy; Guardian News & Media Limited 2008 | Use of this content is subject to our <a href="http://users.guardian.co.uk/help/article/0,,933909,00.html">Terms & Conditions</a> | <a href="http://www.guardian.co.uk/webfeeds/1,,1309488,00.html">More Feeds</a>
Find £1bn to help 10p tax rate victims, Darling told
<div><img alt="" src="http://hits.guardian.co.uk/b/ss/guardiangu-feeds/1/H.15.1/96624?ns=guardian&pageName=Politics%3A+Find+%26pound%3B1bn+to+help+10p+tax+rate+victims%2C+Darling+told&ch=Politics&c3=The+Guardian&c4=Tax+and+spending%2CAlistair+Darling%2CEconomics+%28Business%29%2CCredit+crunch+%28Business%29%2CEconomic+policy%2CLabour%2CBusiness%2CMoney%2CPolitics%2CPre-budget+report&c5=Personal+Finance%2CCredit+Crunch%2CBusiness+Markets%2CNot+commercially+useful&c6=Patrick+Wintour&c7=2008_11_21&c8=1121605&c9=article&c10=GU&c11=Politics&c12=Tax+and+spending&c13=&c14=&h2=GU%2FPolitics%2FTax+and+spending" width="1" height="1" /></div><p>The leaders of Labour's 10p tax rebels yesterday served warning on the chancellor, Alistair Darling, that he has to find at least &pound;1bn in Monday's pre-budget report to help the 6 million people who have still not been compensated for the disastrous decision to abolish the lower tax rate earlier this year.</p><p>Frank Field and Greg Pope, the leaders of the tax rebellion earlier this year, have written to Darling, urging action. Field told the Guardian: "The Labour backbenches will not abandon the poor who have still not been compensated. It is a Rubicon they will not cross, and at a time the government has found &pound;50bn to bail out the bankers, the Treasury can surely find &pound;1bn to ease the resentment of our core voters." </p><p>The chancellor is expected to announce a series of business and personal tax cuts in Monday's pre-budget report, aimed at the poorest because they are most likely to spend any extra cash.</p><p>The intervention of Field and Pope will add to the pressure on the Treasury which was last night seeking to dampen speculation of a massive tax giveaway next week after the latest official figures showed a backdrop of rapidly deteriorating public finances.</p><p>In the wake of the first October deficit in 14 years, officials dismissed suggestions that the chancellor could unveil a &pound;30bn package - worth 2% of GDP - designed to lift the economy out of recession. </p><p>The quarterly payment of corporation tax means October is normally a surplus month for the public finances, but the slowdown in the economy, the collapse of the housing market, financial turmoil and tax concessions since the budget combined to leave the state in the red by &pound;1.4bn last month. </p><p>City analysts said the budget deficit could rise to &pound;70bn this year and top &pound;100bn in 2009-10 even before the extra borrowing for Monday's fiscal package was taken into account.</p><p>In their letter Field and Pope write: "We are anxious that the government's promise to do all in its power to compensate fully the losers from the abolition of the 10p rate is not only met, but kept clearly separate from other tax reductions the government may announce next Monday."</p><p>Following an unprecedented backbench rebellion, and amid signs that Brown's leadership was at risk, the Treasury hastily assembled a &pound;2.7bn compensation package in May. Darling increased personal allowances for all basic rate taxpayers. Although only 1.1 million householders have lost out overall, this masks the fact that 6 million individuals have been losers. </p><p>Field and Pope write: "Overwhelmingly these taxpayers are on low earnings. The Institute of Fiscal Studies estimates that the greatest loss of around &pound;112 a year are for taxpayers earning &pound;7,755."</p><p>They accept that the complexity of the tax system means it will be impossible for the Treasury to help every group that has lost, but argue it does seem likely that most of these losers are on low earnings and fall below a threshold of &pound;13,355 a year.</p><p>"We do hope you can give us an assurance that Monday's statement will include a measure that will recompense as many of these individuals as is practically possible. Only in this way would it be possible to draw a clear line under this wholly sorry saga." </p><p>Field claims the net cost of his proposal will be &pound;1bn.</p><p>In other developments the employment minister, Tony McNulty, said the pre-budget report would propose a new employment programme, adding it was "a no-brainer" to revisit the closure programme for Jobcentre Plus officers. Since 2002, the government has closed nearly 500 job centres, including 40 in the last year, and cut staff by 16,000. </p><p>Ministers are also under intense pressure to use the pre-budget report to rethink its housebuilding programme after figures were released yesterday showing only an estimated 22,200 housing starts in England in the September quarter, down 33% on the previous quarter.</p><p>This decline in housebuilding levels makes the government's target of building 240,000 homes a year by 2016 look hopelessly unrealistic.</p><div style="float: left; margin-right: 10px; margin-bottom: 10px;"><ul><li><a href="http://www.guardian.co.uk/politics/taxandspending">Tax and spending</a></li><li><a href="http://www.guardian.co.uk/politics/alistairdarling">Alistair Darling</a></li><li><a href="http://www.guardian.co.uk/business/economics">Economics</a></li><li><a href="http://www.guardian.co.uk/business/creditcrunch">Credit crunch</a></li><li><a href="http://www.guardian.co.uk/politics/economy">Economic policy</a></li><li><a href="http://www.guardian.co.uk/politics/labour">Labour</a></li><li><a href="http://www.guardian.co.uk/business/pre-budget-report">Pre-budget report 2008</a></li></ul></div><div class="guRssAdvert"><a href="http://ads.guardian.co.uk/click.ng/richmedia=yes&site=Politics&country=usa&spacedesc=rss&system=rss&transactionID=1227244309658112105194449355"><img src="http://ads.guardian.co.uk/image.ng/richmedia=yes&site=Politics&country=usa&spacedesc=rss&system=rss&transactionID=1227244309658112105194449355" border="0" /></a></div><a href="http://www.guardian.co.uk">guardian.co.uk</a> &copy; Guardian News & Media Limited 2008 | Use of this content is subject to our <a href="http://users.guardian.co.uk/help/article/0,,933909,00.html">Terms & Conditions</a> | <a href="http://www.guardian.co.uk/webfeeds/1,,1309488,00.html">More Feeds</a>
Treasury quells talk of £30bn tax giveaway
<div><img alt="" src="http://hits.guardian.co.uk/b/ss/guardiangu-feeds/1/H.15.1/31038?ns=guardian&pageName=Business%3A+Treasury+quells+talk+of+%26pound%3B30bn+tax+giveaway&ch=Business&c3=The+Guardian&c4=Pre-budget+report%2CEconomic+policy%2CEconomics+%28Business%29%2CTax+and+spending%2CMoney%2CBusiness%2CPolitics&c5=Personal+Finance%2CCredit+Crunch%2CNot+commercially+useful%2CBusiness+Markets&c6=Larry+Elliott&c7=2008_11_21&c8=1121588&c9=article&c10=GU&c11=Business&c12=Pre-budget+report+2008&c13=&c14=&h2=GU%2FBusiness%2FPre-budget+report+2008" width="1" height="1" /></div><p>The Treasury was last night seeking to dampen speculation of a huge tax giveaway next week after the latest official figures showed that Alistair Darling will deliver his pre-budget report against a backdrop of rapidly deteriorating public finances.</p><p>In the wake of the first October deficit in 14 years, officials dismissed suggestions that the chancellor could announce a &pound;30bn package - worth 2% of GDP - designed to lift the economy out of recession.</p><p>Darling will today put the finishing touches to the PBR, but is concerned that a fiscal boost in excess of 1% of GDP would risk alarming the financial markets. The speech will attempt to reassure the City that tax cuts will be quickly clawed back once the recession is over and that the government has a credible plan for bringing the budget deficit back under control.</p><p>Britain's leading independent tax experts, the Institute for Fiscal Studies, said yesterday that the outlook for the public finances was "very bleak" after the Office for National Statistics reported that borrowing in the first seven months of the current financial year was &pound;37bn - almost double the &pound;20.1bn amassed in the same months last year.</p><p>The quarterly payment of corporation tax means October is normally a surplus month for the public finances, but the slowdown in the economy, the collapse of the housing market, financial turmoil and tax concessions since the budget combined to leave the state in the red by &pound;1.4bn last month. </p><p>Figures released yesterday showed that building on an estimated 22,200 new properties was started during the three months to the end of September, the lowest level registered by the Department of Communities and Local Government since records began in 1980. The figure was 33% fewer than during the previous quarter and 48% down on the same period of 2007. Separate data revealed a 7% increase in mortgage lending in October, although the depressed state of the property market meant it was 44% lower than a year earlier.</p><p>City analysts said the budget deficit could rise to &pound;70bn this year and top &pound;100bn in 2009-10 even before the extra borrowing for Monday's fiscal package was taken into account.</p><p>Gillian Tetlow, senior researcher at the IFS, said that a recession similar to that of the early 1990s would add &pound;60bn to the budget deficit. "One of the most important issues for the PBR to address is how much of the additional borrowing we see over the next couple of years is likely to be purely temporary and how much will require a combination of new tax raising measures and lower public spending to reverse."</p><p>Ministers believe that the recession, diminishing inflationary pressure and the low level of public debt mean that it is right to give the economy a boost by helping businesses and those on low incomes.</p><p>The shadow chancellor, George Osborne, criticised plans for a PBR giveaway. "He has maxed out on the nation's credit card and now he's planning to take out another one," he said.</p><div style="float: left; margin-right: 10px; margin-bottom: 10px;"><ul><li><a href="http://www.guardian.co.uk/business/pre-budget-report">Pre-budget report 2008</a></li><li><a href="http://www.guardian.co.uk/politics/economy">Economic policy</a></li><li><a href="http://www.guardian.co.uk/business/economics">Economics</a></li><li><a href="http://www.guardian.co.uk/politics/taxandspending">Tax and spending</a></li></ul></div><div class="guRssAdvert"><a href="http://ads.guardian.co.uk/click.ng/richmedia=yes&site=Business&country=usa&spacedesc=rss&system=rss&transactionID=1227244309665112105194449355"><img src="http://ads.guardian.co.uk/image.ng/richmedia=yes&site=Business&country=usa&spacedesc=rss&system=rss&transactionID=1227244309665112105194449355" border="0" /></a></div><a href="http://www.guardian.co.uk">guardian.co.uk</a> &copy; Guardian News & Media Limited 2008 | Use of this content is subject to our <a href="http://users.guardian.co.uk/help/article/0,,933909,00.html">Terms & Conditions</a> | <a href="http://www.guardian.co.uk/webfeeds/1,,1309488,00.html">More Feeds</a>
Larry Elliott: Don't fear for the pound
<div><img alt="" src="http://hits.guardian.co.uk/b/ss/guardiangu-feeds/1/H.15.1/82922?ns=guardian&pageName=Comment+is+free%3A+Don%27t+fear+for+the+pound&ch=Comment+is+free&c3=The+Guardian&c4=Recession+%28UK%29%2CEconomics+%28Business%29%2CCurrencies+%28dollar%2C+pound+etc%29%2CBusiness%2CEconomic+policy%2CPolitics%2CMoney&c5=Personal+Finance%2CCredit+Crunch%2CNot+commercially+useful%2CBusiness+Markets&c6=Larry+Elliott&c7=2008_11_21&c8=1121547&c9=article&c10=GU&c11=Comment+is+free&c12=blog&c13=&c14=Comment+is+free&h2=GU%2FComment+is+free%2Fblog%2FComment+is+free" width="1" height="1" /></div><p>This is the crisis with just about everything. Failing banks, the drying up of credit, crashing house prices, rising unemployment, weakening growth and - as the official figures showed yesterday - a ballooning budget deficit. Students of economic crises will detect only one thing is missing from this litany of woe - a sterling crisis of the sort that Britain went through in 1967, 1976 and 1992.</p><p>The expectation is that a run on the pound will not be long in coming; one of the playground spats between the government and opposition this week was over whether the shadow chancellor, George Osborne, was being unpatriotic by predicting sterling would hit the skids as a result of plans to cut taxes in Monday's pre-budget report.</p><p>There are many reasons to be afraid - very afraid - about the state of the world, but a sterling crisis is not one of them. Unless there is a catastrophic loss of confidence in the government's economic and financial management, the pound is likely to stabilise close to current levels; the risk of it falling should certainly not deter the Bank of England from cutting interest rates aggressively.</p><p>Why? Because there has already been a marked depreciation over the past year. Sterling is at a record low against the euro, has dropped by 40% against the yen, and has fallen by 20% against the dollar since the summer - a more rapid descent than in the aftermath of Black Wednesday. Anybody who decided this summer to take advantage of the $2 pound with a winter shopping spree in Manhattan is in for a shock.</p><p>That decline was justified given the UK's unique exposure to turmoil in the financial markets and its absurdly overblown property market. But after such a precipitous fall, the downside potential is limited - especially since the outlook in the US, eurozone and Japan looks just as bleak. News from across the Atlantic has been dire, with Ford and General Motors on the point of collapse and the stockmarket down 45% this year. Germany is suffering from weaker demand for exports, Italy is suffering from a chronic lack of competitiveness, and Spain, like the UK, is grappling with a housing boom-bust. Japan also relies heavily on exports, but reported its third successive seasonally adjusted monthly trade deficit yesterday.</p><p>It is important to identify why the pound has been under pressure in recent months. Investors were concerned that not enough was being done to prevent a painful recession; the currency was falling, in other words, because interest rates were too high, not too low. The dollar has been rising on foreign exchanges this year because of anticipation that aggressive and early cuts in borrowing costs from the Federal Reserve would mean it would beat the rest of the developed world out of recession. That optimism looks misplaced, but it is indicative of a climate where investors are more concerned about growth potential than interest rates.</p><p>That's not to say the pound won't fall further, since currencies tend to overshoot. But sterling looks undervalued against the dollar and cheap against the euro. That may depress UK tourists looking to clean up on 5th Avenue but it is good news for the economy.</p><p>Since 1997, an overvalued currency has made imports cheaper and exports dearer; there has been a silent sterling crisis that encouraged speculation while making manufacturing less profitable. The economy needs a competitive level for the pound that helps cut the trade growth and so create the conditions for more balanced growth. Its depreciation, coupled with the likely prolonged squeeze on consumers when they have to start paying back Monday's tax cuts, means there is a better chance of tackling the structural imbalances in the economy than there has been for years.</p><p><a href="mailto:larry.elliott@guardian.co.uk">larry.elliott@guardian.co.uk</a></p><div style="float: left; margin-right: 10px; margin-bottom: 10px;"><ul><li><a href="http://www.guardian.co.uk/business/recession">Recession</a></li><li><a href="http://www.guardian.co.uk/business/economics">Economics</a></li><li><a href="http://www.guardian.co.uk/business/currencies">Currencies</a></li><li><a href="http://www.guardian.co.uk/politics/economy">Economic policy</a></li></ul></div><div class="guRssAdvert"><a href="http://ads.guardian.co.uk/click.ng/richmedia=yes&site=Commentisfree&country=usa&spacedesc=rss&system=rss&transactionID=1227244309671112105194449355"><img src="http://ads.guardian.co.uk/image.ng/richmedia=yes&site=Commentisfree&country=usa&spacedesc=rss&system=rss&transactionID=1227244309671112105194449355" border="0" /></a></div><a href="http://www.guardian.co.uk">guardian.co.uk</a> &copy; Guardian News & Media Limited 2008 | Use of this content is subject to our <a href="http://users.guardian.co.uk/help/article/0,,933909,00.html">Terms & Conditions</a> | <a href="http://www.guardian.co.uk/webfeeds/1,,1309488,00.html">More Feeds</a>
M&S spectacular pulls in bargain hunters
<div><img alt="" src="http://hits.guardian.co.uk/b/ss/guardiangu-feeds/1/H.15.1/7356?ns=guardian&pageName=Business%3A+M%26amp%3BS+spectacular+pulls+in+bargain+hunters&ch=Business&c3=guardian.co.uk&c4=Marks+and+Spencer+Group+%28Business%29%2CRetail+industry+%28Business%29%2CHigh+street+retailers%2CBusiness%2CMoney&c5=Personal+Finance%2CFashion+and+Beauty%2CBusiness+Markets&c6=Julia+Finch&c7=2008_11_20&c8=1121366&c9=article&c10=GU&c11=Business&c12=Marks+%26+Spencer&c13=&c14=&h2=GU%2FBusiness%2FMarks+%26+Spencer" width="1" height="1" /></div><p>In the basement of Marks & Spencer's vast store in the new Westfield shopping centre in west London, trolleys are clattering through the tills. </p><p>It is the 20% off one-day spectacular - designed to pull in customers and shift unsold stock - and a couple from Dorset are paying for a trolley laden with Pol Monnet champagne. They have just bought 36 bottles - and saved nearly £500 on the shelf price of the bubbly.</p><p>The champagne is a triple bargain. On top of the 20% off is another 10% discount and a £5 a bottle reduction for buying more than 12 bottles. The result is the £26 shelf price slashed to just £13 a bottle. </p><p>Isabelle Marsh has just bought 36 bottles for £494 - and saved £442. She runs a fun casino business - Viva Las Vegas in Bournemouth - and the champagne will be used as prizes. The couple were in London visiting friends when they heard about the M&S discount day and made a special trip to Westfield to stock up at the bargain prices.</p><p>At the next till her friend, Kay and Roger Brahams from Surrey, who are also in the casino business, are doing exactly the same. They also have a load of half-price champagne and also a collection of blue spotted bow-ties and waistcoats for their croupiers - four waistcoats, four bow-ties and two pairs of black trousers for £124, down from £155 for one day only. "It's for the business," says Roger Brahams. "It is too good to miss."</p><p>The wine department is brimming with bargains. One couple are considering a job lot of Mersault, down from £23 a bottle to less than £19, for their wedding next year. The best bargain? An £85 bottle of Clos L'Eglise Pomerol for £68.</p><p>On the clothing floor, however, the signs are that shoppers have just used the discount day to bring forward purchases they were planning to make anyway.</p><p>Mark, a BBC employee who works nearby, has popped in to buy an £80 coat he has had his eye on for some time. "My wife rang me this morning to tell me about the sale," he explained. He paid £64 and was walking away very pleased with his bargain - but has not been tempted into other purchases.</p><p>A local resident, who had called in to buy cashmere sweaters for her parents in Canada, and was also bringing forward a planned purchase. "My parents like the sweaters and I would have come in to buy them next week anyway."</p><p>Two other local workers from Shepherds Bush were also using their lunch break to buy reduced price cashmere, which they said they would not have considered but for the cut in price. "We wouldn't have paid full price, we would have waited for the sale after Christmas, but today we can make sure we get the colours and sizes we want."</p><p>One added: "I never pay full price. I am a bargain hunter. There's no point in paying top prices for basics."<br /></p><div style="float: left; margin-right: 10px; margin-bottom: 10px;"><ul><li><a href="http://www.guardian.co.uk/business/marksspencer">Marks & Spencer</a></li><li><a href="http://www.guardian.co.uk/business/retail">Retail industry</a></li><li><a href="http://www.guardian.co.uk/business/highstreetretailers">High street retailers</a></li></ul></div><div class="guRssAdvert"><a href="http://ads.guardian.co.uk/click.ng/richmedia=yes&site=Business&country=usa&spacedesc=rss&system=rss&transactionID=1227244309677112105194449355"><img src="http://ads.guardian.co.uk/image.ng/richmedia=yes&site=Business&country=usa&spacedesc=rss&system=rss&transactionID=1227244309677112105194449355" border="0" /></a></div><a href="http://www.guardian.co.uk">guardian.co.uk</a> &copy; Guardian News & Media Limited 2008 | Use of this content is subject to our <a href="http://users.guardian.co.uk/help/article/0,,933909,00.html">Terms & Conditions</a> | <a href="http://www.guardian.co.uk/webfeeds/1,,1309488,00.html">More Feeds</a>
Savers urged to act fast for highest interest rates
Falling interest rates mean savers have a limited amount of time to benefit from existing deals, says Huma Qureshi
Would an office like Google's change your life?
Wishing your workplace was more fun? Be careful who you tell
Oil falls below $50
<div><img alt="" src="http://hits.guardian.co.uk/b/ss/guardiangu-feeds/1/H.15.1/39387?ns=guardian&pageName=Business%3A+Oil+falls+below+%2450&ch=Business&c3=guardian.co.uk&c4=Oil+%28business%29%2CCommodities+%28oil%2C+gold+etc%29%2CBusiness%2CWorld+news%2CUK+news%2CUS+news%2CMotoring+%28Money%29%2CMoney%2CHousehold+bills&c5=Motoring%2CPersonal+Finance%2CCredit+Crunch%2CNot+commercially+useful%2CBusiness+Markets%2CEnergy&c6=James+Robinson&c7=2008_11_20&c8=1121292&c9=article&c10=GU&c11=Business&c12=Oil&c13=&c14=&h2=GU%2FBusiness%2FOil" width="1" height="1" /></div><p>Oil prices fell below $50 a barrel today for the first time since May 2005, reflecting declining demand as the global economy slows - London-traded Brent crude fell $3.10 to $48.62 a barrel, while US light sweet crude was down $3.71 to $49.91.</p><p>The latest fall means oil is the cheapest it has been for over three years, and defies predictions earlier this year from some leading producers who said it could peak at $200 a barrel. </p><p><a href="http://www.guardian.co.uk/business/2008/may/23/oil.commodities1">In May this year, Libya's leading oil official Shokri Ghanem</a> said: "It is out of our hands. $200 a barrel is not logical but even $135 is not logical, so yes oil could reach $200 a barrel. Why not?"</p><p>The average price of oil for the year to date was $107.72. It peaked at $147.25 a barrel in July this year, well over twice the level it was at in the same month in 2007. </p><p>The decline in the value of oil is good news for motorists and consumers. The price of petrol is likely to fall and utility bills will also come down if the price remains low, although some energy companies have been criticised for failing to pass on price cuts to their customers quickly enough. </p><p>Energy minister Ed Miliband met leading suppliers earlier this week to demand they lowered their prices. The fall is also likely to reduce inflationary pressure and makes another big interest rate cut more likely. The Bank of England's monetary policy committee next meets to set the rate on December 4.</p><div style="float: left; margin-right: 10px; margin-bottom: 10px;"><ul><li><a href="http://www.guardian.co.uk/business/oil">Oil</a></li><li><a href="http://www.guardian.co.uk/business/commodities">Commodities</a></li><li><a href="http://www.guardian.co.uk/world/usa">United States</a></li><li><a href="http://www.guardian.co.uk/money/motoring">Motoring</a></li><li><a href="http://www.guardian.co.uk/money/householdbills">Household bills</a></li></ul></div><div class="guRssAdvert"><a href="http://ads.guardian.co.uk/click.ng/richmedia=yes&site=Business&country=usa&spacedesc=rss&system=rss&transactionID=1227244309692112105194449355"><img src="http://ads.guardian.co.uk/image.ng/richmedia=yes&site=Business&country=usa&spacedesc=rss&system=rss&transactionID=1227244309692112105194449355" border="0" /></a></div><a href="http://www.guardian.co.uk">guardian.co.uk</a> &copy; Guardian News & Media Limited 2008 | Use of this content is subject to our <a href="http://users.guardian.co.uk/help/article/0,,933909,00.html">Terms & Conditions</a> | <a href="http://www.guardian.co.uk/webfeeds/1,,1309488,00.html">More Feeds</a>
Poll: Are you feeling the pinch?
Amid a constant stream of bad economic news, the latest retail figures suggest that we've far from given up our favourite national pastime ? shopping ? despite some evident pain on the high street. Have you changed your spending habits?
Rural south hit hardest by unemployment rise
As the economy enters recession, the impact upon the jobs market is starting to be felt across the UK, particularly in the south of England
Christmas: How to cope financially this festive season
Worried about the cost of Christmas? With a bit of planning you can sail through the season of goodwill without breaking the bank, says Laura Howard
Supermarkets flout rules on special offers, says Which?
<div><img alt="" src="http://hits.guardian.co.uk/b/ss/guardiangu-feeds/1/H.15.1/2072?ns=guardian&pageName=Money%3A+Supermarket+offers+%27not+always+special%27&ch=Money&c3=guardian.co.uk&c4=Consumer+affairs+%28Money%29%2CRetail+industry+%28Business%29%2CMoney%2CBusiness%2CSupermarkets+%28business%29%2CUK+news&c5=Personal+Finance%2CNot+commercially+useful%2CBusiness+Markets&c6=Staff+and+agencies&c7=2008_11_20&c8=1121111&c9=article&c10=GU&c11=Money&c12=Consumer+affairs&c13=&c14=&h2=GU%2FMoney%2FConsumer+affairs" width="1" height="1" /></div><p>Supermarket special offers are misleading consumers and breaking government guidelines, the consumer group Which? said today.</p><p>Tesco, Marks & Spencer and Sainsbury's are all accused of labelling products as having money off when they have only briefly been sold at a higher price.<br /> <br />Guidelines state that for an item to be a genuine offer it must be sold in the store at the advertised higher price for the previous 28 days.</p><p>The item must also not stay on offer for longer than it has been at the higher price, unless the retailer displays a sign saying otherwise. The only other exception is if an item is going out of date.</p><p>However, by buying the same basket of items once a week between June and August in Tesco, Waitrose, Sainsbury's, Asda, Morrisons and Marks & Spencer, Which? found some retailers were flouting those rules.</p><p>The offending deals were:</p><p>? M&S cherries were marked as half price at £2.49, despite selling for £2.99 immediately before. The cherries had only been sold at £4.99 for 17 days, a month before the offer</p><p>? Waitrose blueberries were only at the higher price of £3.99 for two weeks before being sold at "half price" (£1.99) for six weeks</p><p>? Sainsbury's Gallo Cabernet Zinfandel and Chardonnay Sauvignon had £1 off at £3.99 for five weeks, then briefly returned to the higher price of £4.99 for one week before going back to £1 off</p><p>Which? also found Tesco strawberries and M&S bacon were "on offer" for the entire three-month investigation. Although these offers did not break the guidelines they could "hardly be described as special", Which? said.</p><p>Nikki Ratcliff, head of research services at Which?, said: "Supermarkets need to comply with the spirit of the new government guidelines and stop misleading consumers into thinking they're getting great deals when they're not."</p><p>An M&S spokeswoman said: "We always aim to offer our customers excellent value and follow guidelines on promotions wherever possible.</p><p>"For the bacon, unfortunately we made a mistake with the ticketing of this product and we apologise to our customers. We rectified it straight away."</p><p>Tesco said it had clear policies in place to ensure it followed the guidelines and that all its offers were genuine. "Competition among retailers is strong and we're absolutely focused on delivering the best value while following regulations," it said.</p><p>Waitrose and Sainsbury's said they would be taking action in light of the findings to make sure they stuck to the guidelines in future.</p><p>A survey of 3,039 Which? online panel members found almost three quarters thought special offers were good value and more than half often bought items because they were on offer.</p><div style="float: left; margin-right: 10px; margin-bottom: 10px;"><ul><li><a href="http://www.guardian.co.uk/money/consumeraffairs">Consumer affairs</a></li><li><a href="http://www.guardian.co.uk/business/retail">Retail industry</a></li><li><a href="http://www.guardian.co.uk/business/supermarkets">Supermarkets</a></li></ul></div><div class="guRssAdvert"><a href="http://ads.guardian.co.uk/click.ng/richmedia=yes&site=Money&country=usa&spacedesc=rss&system=rss&transactionID=1227244309708112105194449355"><img src="http://ads.guardian.co.uk/image.ng/richmedia=yes&site=Money&country=usa&spacedesc=rss&system=rss&transactionID=1227244309708112105194449355" border="0" /></a></div><a href="http://www.guardian.co.uk">guardian.co.uk</a> &copy; Guardian News & Media Limited 2008 | Use of this content is subject to our <a href="http://users.guardian.co.uk/help/article/0,,933909,00.html">Terms & Conditions</a> | <a href="http://www.guardian.co.uk/webfeeds/1,,1309488,00.html">More Feeds</a>