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Either the management, the structure or the money haven't produced the dynamism they ought to".The Bank of England also came in for sharp criticism in the report. DR TIM HOLT, director of the Office of National Statistics, was under increasing pressure to quit yesterday when MPs criticised management failings at the Government agency. Usually, they are a pretty good indicator of what's going to happen to official figures, but on occasions they get it wrong.". The improvement in optimism presumably reflects a belief that the aggressive cuts in interest rates will save industry from recession."There was more positive news from the ONS, which said that high street sales in November were better than expectations.City analysts had been bracing themselves for a disappointing set of official sales figures after surveys from both the British Retail Consortium and the CBI pointed to an extremely weak November.However, official figures show the volume of retail sales actually increased by 0.8 per cent over the month, compared to expectations of a 0.3 per cent decline.In the three months to November, the value of retail sales was three per cent higher than during the corresponding period last year.The ONS calculates that Britain's high-street retailers took pounds 16,400m in the four weeks from 1 to 28 November.Analysts said the strong sales figures showed that heavy price discounting was tempting consumers into the shops, but warned that December could prove disappointing if the discounts came to an end.According to Mr Loynes, the discrepancies between the survey predictions and the official figures were "a bit of a puzzle".He said: "Surveys ask different things, use different samples and can be conducted over different time periods.

Our next survey in January should give a clearer idea of whether this hint of optimism is justified."Jonathan Loynes at HSBC Securities said: "The survey brought the first signs of light at the end of the tunnel for manufacturers. This gives a balance of minus 13 per cent, up from November's minus 27 per cent.A balance of minus 48 per cent of manufacturers said order books were below normal, up from minus 51 per cent in November.Sudhir Junankar, an associate director of economic analysis at the Office for National Statistics (ONS), said: "There isn't a great deal of festive cheer in this survey for UK manufacturers."There are some signs of a slight easing of concerns, but these small improvements should not be overstated. HIGH STREET sales last month were far stronger than expected, according to official figures released yesterday, suggesting that the economic outlook is not as gloomy as some City experts had feared. A separate Confederation of British Industry survey of the manufacturing sector also pointed to recovering confidence, fanning speculation that the Monetary Policy Committee might not cut interest rates again when it meets in January. Neil Parker, Treasury economist at Royal Bank of Scotland, said: "This all backs up our view that the Bank isn't going to do anything in January and will probably cut by 25 basis points [0.25 per cent] in February."The December CBI industrial trends survey found that manufacturers were less gloomy about the outlook for output, and that there had been some stabilisation in order book levels.Around 35 per cent of respondents believed output would decline over the next four months, while 22 per cent expected it to rise. When you have that kind of political uncertainty, the dollar will come under pressure."US bonds declined after the release of stronger than expected US trade, jobs and manufacturing data.At lunch-time in New York, the Dow Jones was trading up 62.82 points - or 0.71 per cent - at 8853.42.. There's been little or no impact at all."Traditional safe havens - such as the dollar and western government bonds - which normally benefit in times of global uncertainty did not post significant gains.In morning trade in New York, the dollar fell against the Japanese yen and the German mark, amid concerns about the possible impeachment of President Bill Clinton.James McGroarty, head of foreign exchange at Orbitex Capital Management, said: "The momentum in the last three days has accelerated in favour of impeachment. The strong performance of Hong Kong's benchmark share index - which broke through the psychologically important 10,000 barrier - also helped sentiment, analysts said.Neil Parker, Treasury economist at Royal Bank of Scotland, said: "The markets just haven't been particularly concerned about the developments in Iraq.

However, better-than-expected UK economic data and a robust start on Wall Street helped the index to close up 54.8 points at 5685.20. Enterprise Oil, the exploration company, gained 0.5p to close at 303.5p.The FTSE-100 share index had a jittery start while traders digested Wednesday night's developments. Part of the logic behind that is there does not appear to have been any let up in the oil-for-food exports from Iraq."Despite the fall in the price of crude oil, share prices of major oil companies rose in London trade, although the increases were lower than many analysts had been expecting.Shell gained 9.5p to 358.5p, while BP rose 12p to close at 888.5p. Analysts said there was no evidence that Wednesday evening's attack on Baghdad had damaged Iraq's oil exporting facilities, and the price of benchmark London Brent crude slipped 54 cents to $10.84. Tony Machacek, oil analyst at Credit Lyonnais Rouse, said: "On Wednesday, we knew there was a very good chance of an imminent strike and that was factored into the oil price rally Now, we're seeing a setback to the price. FINANCIAL MARKETS yesterday shrugged off the crisis in the Gulf, and crude oil prices fell after Wednesday's sharp gains, writes Lea Paterson. The Tote, Britain's fifth largest bookie with around 220 shops, is thought to have increased its original bid of pounds 345m, but it is still below the two venture capitalists' offers.Industry sources said the Coral sale was likely to be announced before the end of the year.. These assets have been valued at around pounds 30m and would give Ladbroke a pounds 70m profit even if the final bids fall below pounds 363m.Further profits will depend on the winner of the race for Coral.

Cinven and Morgan Grenfell, whose bids are fronted by industry figures, are believed to have offered between pounds 360m and pounds 375m. According to industry sources, the chain had a buoyant second half and is set to more than double the pounds 17m posted in the first six months.In addition, Ladbroke, which is the UK's largest bookmaker, will keep 58 Coral shops in the Republic of Ireland, eight outlets in Jersey and a 12 per cent stake in the racing satellite broadcaster SIS. City and industry experts believed that Mr Mandelson's decision to allow just six months for the disposal and his preference for a single buyer would force Ladbroke's chief executive Peter George into a loss-making deal.However, it is understood that the leisure group would retain around pounds 40m profits made by Coral in the last financial year. The appointment of Mr Davies, 50, follows pressure from institutional shareholders that the company should move as quickly as possible to name a replacement for Hodgson, who said in July that he would step down. ARRIVA, the UK's third largest bus operator, has appointed Bob Davies as its chief executive. Mr Davies, who was chief executive of Eastern Electricity until its recent acquisition by PowerGen, will replace Gordon Hughes, who retires on 30 December. The committee would most probably have a full-time chairman.Philip Thorpe, the director in charge of enforcement, said that the precise format of the committee had yet to be established.However, he said that while industry representatives would clearly not be in the majority, "industry validation is very important if the decisions are to carry weight".Defendants would be able to put their case orally as well as having the chance to see the evidence on which the case against them is based.At present 95 per cent of cases are settled internally without need for outside appeal.Mr Davies said he hoped most cases would continue to be settled by agreement."If you found a high proportion of cases were being appealed and overturned then clearly something was going wrong."The paper also obliges the FSA to inform people when they are being investigated and bars it from using information obtained under compulsion to be used in criminal prosecutions.In addition, the FSA says it it will prosecute in all cases where there is sufficient evidence to do so and will not seek to impose a civil fine - which requires a lower burden of proof - where it is pursuing a criminal prosecution..

It would also serve as a tribunal to which those under threat of suspension or fine could put their case.According to the consultation document, the enforcement committee should include both "practitioners" and "public interest representatives".These would be drawn from a panel of people appointed by the board to sit on the committee. It also has the power to impose unlimited fines on both firms and individuals as well as lifetime bans.The Bill allows for the first time people outside the financial services industry to be disciplined for market abuses which are not serious enough to warrant criminal action.Because of the complexity of the legislation, the Government has proposed that the Bill be scrutinised by a joint committee of both Houses before being put before the House of Commons next year.In its latest consultation document Financial Services Regulation: Enforcing the new regime, the FSA yesterday recommended that the enforcement committee, which would be directly responsible to the FSA board, would have the final say in whether to proceed with action against a firm or individuals. It is clear that we need to demonstrate accountability, transparency, and fairness in all our processes," he said.He added: "The aim is to present an approach which is fair, not too costly and able to respond to mischief effectively and efficiently."Legal experts have warned that the legislation as currently drafted would make the FSA in effect "judge and jury" in deciding whether to fine or suspend individuals and firms.This is a clear breach of the European Convention of Human Rights which lays down the rights of defendants to have their case heard impartially.The concern has been heightened by the fact that, unlike the Securities and Investments Board which it replaces, the FSA is a statutory body. Its action follows a move on Pathe, the French group which holds stakes in BSkyB and CanalSatellite, by French businessman Vincent Bollore. Pathe shares trade on a discount to the value of these stakes alone and Mr Bollore has bought a 10.5 per cent stake and hopes to unlock the value.Warburg believes the prospect of more highly-rated paper and gentle nudging by more active Anglo-Saxon investors will push the complex,French shareholding structures into being re-modelled on British and American lines.. THE FINANCIAL Services Authority (FSA) yesterday outlined plans for a new impartial enforcement committee encompassing representatives from the City and the wider community. The move is aimed at defusing widespread criticism in the City and the legal profession about potential abuse of the FSA's wide-ranging powers. Howard Davies, the chairman of the new financial services watchdog, said yesterday that he believed the proposals would meet the concerns - expressed since the draft Financial Services and Markets Bill was published in June - about whether the FSA's procedures were consistent with "natural justice".Mr Davies pointed out that anyone contesting the FSA's findings would also have recourse to both an independent tribunal to be set up by the Lord Chancellor's office and a judicial review."We recognise the concerns that have been expressed as to how we shall exercise our powers.