Retail tycoon Mike Ashley defended himself before UK MPs, insisting he is "not Father Christmas" while arguing that the high street's decline is not his fault, highlighting his efforts to save 80% of House of Fraser stores and proposing a tax on online retailers to support physical shops.

Sky's Ian King spoke to Sport Direct founder Mike Ashley about the future of the high streets. He told MPs that he supports an internet tax as he claimed most high streets were 'dead'. He admitted if he were starting a business across retail and the internet he would look to have around fifteen stores across the UK.

I suppose if you're a billionaire, carrying a wad of fifty pound notes in your pockets, might seem like loose change. But when you're Sports Direct's Mike Ashley, visiting a warehouse where staff were paid less than the minimum wage, and you're asked to empty your pockets as part of a security check - well, you can imagine - it's rather embarrassing. It was not a good day for Mr Ashley overall - at a shareholder's meeting he was accused of 'Victorian' working conditions at the company. Peter Lane was there.

There was an awkward moment for Mike Ashley as he visited his company’s Shirebrook warehouse with journalists and members of the public. The SportsDirect.com boss pulled out a large wad of £50 notes as he was being searched before entering the warehouse in Derbyshire. The sportswear company has been accused of paying less than the minimum wage as a result of bottle-necks in staff search queues.