Tourist tax costing the UK £11.1bn in lost GDP
Russell Nathan, senior partner at accountancy firm HW Fisher said: “It’s been three years since the post-Brexit scrapping of VAT-free shopping for visitors outside the European Union, and the chancellor can no longer ignore the significant damage that has been done.
“The UK economy and its reputation amongst tourists has suffered dramatically, as potential customers turn their sights to other European countries, such as France, where they can get more bang for their buck.
“It’s not just shops that are struggling, the knock on impacts of ‘tourist tax’ are being felt far and wide across the hospitality sector, including restaurants and hotels, as well as international airports and businesses that used to support customers with VAT refunds.
“It’s time for the chancellor to bring back VAT-free shopping and put the UK back on the map as one of the world’s go-to shopping destinations. Beyond increased sales and the number of tourist visitors, the reversal will also entice overseas retailers to invest more in the UK, which in turn will create new job opportunities across the entire supply chain.”