  This Report summarises the activities of the "SM and Higgs" working group for
the Workshop "Physics at TeV Colliders", Les Houches, France, 2-20 May, 2005.
On the one hand, we performed a variety of experimental and theoretical studies
on standard candles (such as W, Z, and ttbar production), treating them either
as proper signals of known physics, or as backgrounds to unknown physics; we
also addressed issues relevant to those non-perturbative or semi-perturbative
ingredients, such as Parton Density Functions and Underlying Events, whose
understanding will be crucial for a proper simulation of the actual events
taking place in the detectors. On the other hand, several channels for the
production of the Higgs, or involving the Higgs, have been considered in some
detail. The report is structured into four main parts. The first one deals with
Standard Model physics, except the Higgs. A variety of arguments are treated
here, from full simulation of processes constituting a background to Higgs
production, to studies of uncertainties due to PDFs and to extrapolations of
models for underlying events, from small-$x$ issues to electroweak corrections
which may play a role in vector boson physics. The second part of the report
treats Higgs physics from the point of view of the signal. In the third part,
reviews are presented on the current status of multi-leg, next-to-leading order
and of next-to-next-to-leading order QCD computations. Finally, the fourth part
deals with the use of Monte Carlos for simulation of LHC physics.
