In a bid to save the high street from its present challenges, Chancellor Philip Hammond has suggested plans to introduce a special tax on online retailers, like the so-called “Amazon tax”.
Speaking in Coventry today, the Chancellor said that taxation needs to be “fair” between traditional retailers and online firms – including negotiating international rules for web retailers.
Hammond further said: “We want to ensure the high street remains resilient and that taxation is fair between businesses doing business the traditional way and those doing business online.
“…More and more of us are buying online. Indeed, Britain has the biggest percentage of online shopping of any major developed economy. That means the high street will change. We’re very clear that you have to support the high street through that process of change.
“The nature of the offer on the high street is going to change over time. There’s going to be less retail, more leisure, bars, community facilities.”