"Last week’s retail sales data was better than expected and that will have helped the Treasury's coffers to fill but with a cut to VAT and the much-vaunted hospitality bonus will slow the flow by a significant amount.

One of the thoughts rushing through the mind of the Chancellor is an online sales tax. This may serve to solve two issues. First those online retailers who are avoiding the issues of High Street rents and business rates will see part of their profit be paid to the Government, while many of the biggest retailers, Amazon are a prime (!) example, have been heavily criticised for their tax regimes.

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