People notice Chancellor adds VAT to downloads. A year too late.

There's a smattering of panic at the news that Osborne is adding VAT to downloads from places like iTunes and the other, less successful, stores.

People who are reacting now do realise that, while it's true Osborne has done this, he did it in the 2013 budget and this year merely repeated it, right?

End of Play: No more CDs from Jersey

With the closing of the loophole that allowed Jersey-based shops (or "Jersey-based" shops) to sell CDs and DVDs without charging VAT, Play.com has announced it's no longer going to sell direct to the public:

In a statement Play.com said: "Moving forward we are intending to focus exclusively on our successful marketplace, which is our main business area, and to phase out the direct-retail part of our business."

It's going to cost 147 people in Jersey and 67 in the UK their jobs. It's unclear if it'll mean any extra cash flowing to the Exchequer. The guess would be not.

Gennaro Castaldo Watch: Don't call me darling

Amongst the acres of coverage of the Pre-Budget Statement, who can you really rely on to call the Chancellor correctly? Why, HMV fact doctor Gennaro Castaldo. Will the VAT cut save us, Gennaro?

HMV spokesman Gennaro Castaldo agreed: "Retailers are already seeing huge price decreases at the moment, so 2.5pc is unlikely to make a significant difference.

"There are probably better ways to put money into the economy. We are finding that consumers have already taken into account the discount they will get from retailers. Sales of our DVD box-sets are already up by 10pc in terms of volume."

The retailer is currently selling a number of box-sets at a discount. The collection of Alfred Hitchcock films, which usually retails for £80, for example, is now selling for £20.

I don't blame Castaldo for taking the opportunity of being asked about the yawning chasm of the PSBR to plug a fairly standard end-of-line price cut on an elderly box set, but it's surprising the Telegraph saw fit to include the detail in its report.