Arcadia tycoon Sir Philip Green has announced he thins there is no place for Scrooges this Christmas as he encourages shoppers to spend, spend, spend.
It is expected to be a cut-price Christmas for consumers as retailers slash prices across the board.
However, one of Sir Philip's brands, BHS, remains in the red as BHS profits dropped 3% following investments in America. Despite this, BHS branches which have begun selling food have performed well.
There has been something of a takeover frenzy recently as two mergers made the headlines today. It has leaked that Friends Life may takeover Aviva. The markets showed little confidence in the move as Aviva shares dropped.
It was also announced that BT are in preliminary talks with Telefonica to buy back O2. BT originally sold the company to Telefonica for around £17.7billion and it is thought they will pay around £10billion to buy it back.