MAGGIE PAGANO: It's time to change tack on tax

Ladies, its time to kick off the flats and dig out the heels hidden at the back of the cupboard during the Covid era when we vowed never to wear them again.

Like it or not, heels are back in fashion that is, if your feet can cope.

According to Primark, which enjoyed a bumper three months of trading before Christmas and over the festive period, young shoppers are out in force buying heels and dressing up again.

We are also back to the after-work Friday night pint. The City Pub Group reports that even those who still work from home are returning to the capital to meet up with friends for a drink.

Thats the good news. Now for the more gloomy. The latest S&P Global Purchasing Managers Index (PMI) dropped to 47.8 this month from 49.0 in December, the lowest since January two years ago.

It is too early to say whether the weaker-than-expected PMI numbers bear out fears the UK is heading into recession.

January is often the bleakest month and considering the combination of industrial disputes, staff shortages, higher prices and higher interest rates, it is hardly surprising that business activity was down.