Rachel Reeves needs to put up taxes to cover £40bn deficit; HMRC could claw back VAT from private school advance fee schemes; Interest rate cut to lowest level in more than two years

One of this summer’s most talked-about limited editions in the UK has undoubtedly been the strawberry and cream sandwich from Marks & Spencer (M&S). However, this viral hit has unexpectedly triggered a VAT (Value Added Tax) controversy, which could prompt an investigation by HMRC – and may even mean that some consumers have overpaid tax. Why are so many choosing to dip into their pension pots early rather than waiting until full retirement age?