Editor's update

George Osborne, the chancellor, has said that the Ministry of Defence will have to pay to renew Britain's nuclear weapons, putting more pressure on an already-stretched army budget. Traditionally, the money has come from a special grant from the Treasury. 

Hong Kong tycoon Li Ka-Shing has agreed to buy EDF Energy's British distribution network in a deal worth £5.8 billion

The government has set out plans for a reform of Britain's welfare system, aiming to simplify the system and eliminate the "poverty trap" that can discourage people on benefits from returning to work

 

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