Commercial Property Advisors (CPA) has long campaigned for a digital services tax, revenue from which could pay for the urgent re-generation of our high streets, while at the same time helping to remove the unfair trading advantages enjoyed by online retail giants.
The recent G7 agreement was intended to tax multinational companies' profits more severely than at present.
However, the opposite is the case.
To take the example of Google UK, £200m was expected to be raised by the digital services tax (DST), in addition to its corporation tax obligations (the latter actually reduced by the G7 deal!). As part of the G7 accord, the DST will be abolished entirely.
Contrary to natural justice, UK business rates continue to bear the brunt of tax liabilities, while online retailers slip off the Chancellor's hook yet again.
The so-called G7 "historic" agreement should read "historically bad" for bricks and mortar operations.