Conservative rebels voted to block any attempt to suspend parliament in order to force through a no-deal Brexit in a vote passed by a 41 vote majority.

It comes as the Office for Budget Responsibility (OBR) said a no-deal Brexit would plunge Britain into a recession that would shrink the economy by 2%, push unemployment above 5% and send house prices tumbling by around 10%.

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Jonathan Thompson, the boss of HM Revenue and Customs, has been picked as head of the Financial Reporting Council to oversee an overhaul following criticism of its role in high-profile company failures.

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Shares in Asos have sunk after the online fashion giant said that this year’s profits are likely to be much lower than expectations after sales growth in the US and Europe had been held back by problems at its warehouses.