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Tuesday newspaper round-up: Amazon Prime, OECD, taxes

Tue, 13th Oct 2020 07:32

(Sharecast News) - Campaign groups and small business representatives have called on consumers to shun this week's Amazon Prime extravaganza and support small retailers instead. On Tuesday and Wednesday the tech giant will host its annual Prime Day event, with thousands of tempting bargains - many at up to half price. However, campaigners are calling on consumers to consider the plight of local businesses that were already struggling to compete with Amazon ahead of lockdown. - Guardian
Economies struggling with the costs of Covid-19 could face a double blow from escalating trade wars unless international talks to rewrite cross-border tax rules are successful, the OECD has warned. The Paris-based organisation, which has been steering the talks, said governments would come under further financial pressure from retaliatory tariffs should governments fail to agree a global tax framework by an extended deadline of mid 2021. - Guardian

Taxes may have to rise more than £40bn a year to stop Government borrowing spiralling out of control, the Institute for Fiscal Studies has warned. The think-tank said the deficit this year was set to reach levels not seen outside the two world wars due to Covid-19. In its annual Green Budget, the IFS said over the medium term, taxes would almost certainly have to rise, noting that the Government had increased spending on day-to-day public services by £70bn in response to the pandemic. - Telegraph

The big day may still be more than 10 weeks away but Britons have already started their Christmas shopping with gusto, according to the British Retail Consortium (BRC). Its latest survey for the five weeks to Oct 3 recorded a 5.6pc jump in total sales compared to last year - the best since December 2009. - Telegraph

An investment vehicle belonging to a care homes tycoon paid £27 million in annual dividends, despite a crisis in the industry. The latest accounts for Court Cavendish, which is controlled by Chai Patel through a 90 per cent stake, shows that dividends have increased to £43 million over its past three financial years. - The Times

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