£126m Government backing for Yorkshire innovation

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Philip Hammond has hinted at possible tax changes to ensure high street retailers are able to compete with online rivals, hours after House of Fraser was rescued in a last-ditch deal.

Hammond, ahead of his autumn Budget statement, said the Treasury wanted to ensure that taxation is "fair between businesses doing business the traditional way and those doing business online", which would requires the United Kingdom to renegotiate global tax treaties as many big online businesses are from overseas. The government legislation is not keeping up with the change in technology. "That means the high street will change", Hammond said.

Mr Paphitis responded: "Taxation as it stands. does not work with the way technology is moving".

He added: "You can't just carry on subsidising other people who aren't paying their fair share of tax". "Today's 780 million pound investment will support innovators across the country to create the technologies of the future, and the better, highly-paid jobs we urgently need".

"I believe that the Chequers White Paper represents the best way forward", he told Sky News. "There's going to be less retail, more leisure, bars, community facilities".

Hammond refused to be drawn on any shake-up of business rates, but said the country needed a new set of taxes to tackle online businesses, which tend to pay far less than their high street competitors.

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"That requires us to renegotiate worldwide tax treaties because numerous big online businesses are global companies", he said.

"That's certainly something we'd be prepared to consider".

A number of high street names have had to shut down in recent months after being faced with high costs and low sales numbers, prompting campaigners to warn of the death of the high street.

Hammond made the announcement during a visit to the West Midlands region of England on the day GDP figures showed the United Kingdom economy has grown by 0.4 percent.

"It's a fair and sensible pragmatic offer to the Europeans".

"It is by backing innovative British companies to grow and create jobs that we will continue this progress and build an economy fit for the future".

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