Rolling coverage of the latest economic and financial news, as the latest UK public finances figures give Jeremy Hunt more headroom for tax cutsJeremy Hunt has room for £20bn tax cuts after borrowing halves year on yearIn the financial markets, shares have rallied in China today on reports that Beijing is considering taking steps to stabilize the slumping Chinese stock market.Bloomberg reported that policymakers are seeking to mobilize about 2 trillion yuan ($278 billion), mainly from the offshore accounts of Chinese state-owned enterprises, as part of a stabilization fund to buy shares onshore through the Hong Kong exchange linkWe also feel more confident in the delivery of the Primark adjusted operating margin in this financial year, driven by a further improvement in product gross margin.This should insulate us well against potential additional costs of supply due to the disruption in the Red Sea should they arise.“Primark remains the engine of growth for the business, with its value offerings still hitting the spot with an increasingly cost-conscious consumer.Despite a slow start to the quarter given some unseasonably warm weather, Primark was back with a bang for Christmas. Womenswear and menswear were particularly strong, with the Christmas ranges proving popular. Continue reading...