{"id":195928,"date":"2023-11-15T12:17:28","date_gmt":"2023-11-15T12:17:28","guid":{"rendered":"https:\/\/tokenstalk.info\/?p=195928"},"modified":"2023-11-15T12:17:28","modified_gmt":"2023-11-15T12:17:28","slug":"scrapping-tourist-vat-would-be-quick-win-for-chancellor-jeremy-hunt","status":"publish","type":"post","link":"https:\/\/tokenstalk.info\/world-news\/scrapping-tourist-vat-would-be-quick-win-for-chancellor-jeremy-hunt\/","title":{"rendered":"Scrapping tourist VAT would be &apos;quick win&apos; for Chancellor Jeremy Hunt"},"content":{"rendered":"<h1>Scrapping tourist VAT would be &#8216;quick win&#8217; for Chancellor Jeremy Hunt as companies say tourists are not spending as much money in the capital<\/h1>\n<ul>\n<li><strong>BusinessLDN is among business groups backing a campaign to scrap tourist tax<\/strong><\/li>\n<\/ul>\n<p>Restoring tax-free shopping would be a &#8216;quick win&#8217; for the economy, the Chancellor was told last night.<\/p>\n<p>BusinessLDN, which represents a number of firms in the capital including Heathrow Airport and the Grosvenor property group, is among the prominent business groups backing a campaign to scrap the hated tourist tax.<\/p>\n<p>Firms have said tourists are not spending as much money in the capital due to Rishi Sunak&#8217;s decision to remove a VAT-free shopping scheme for holidaymakers in 2021.<\/p>\n<p>More than 400 businesses have backed The Mail&#8217;s Scrap the Tourist Tax campaign including household names such as Marks &amp; Spencer<\/p>\n<p>It comes as fresh figures showed that the UK economy flatlined over the summer.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/11\/11\/01\/77673371-12736563-image-a-6_1699666735475.jpg\" height=\"423\" width=\"634\"><\/p>\n<p>Rocco Forte, founder of the Rocco Forte Collection, center, during a protest by business leaders against the Tourist Tax in London, on November 1, 2023<\/p>\n<p>Muniya Barua, deputy chief executive at BusinessLDN called on Jeremy Hunt to &#8216;help Britain break out of its low-growth trap.&#8217;<\/p>\n<p>&#8216;Restoring VAT-free shopping for international visitors would be a quick win with rapid payback for the Exchequer by boosting tourist numbers and spending in the capital,&#8217; Barua added.<\/p>\n<p>MPs are set to discuss the impact of scrapping tax-free shopping on Tuesday 14 November.<\/p>\n<p>Tourism industry bosses will answer the Culture, Media and Sport Committee&#8217;s questions about how the move has influenced visitor numbers and spending.<\/p>\n<p>Dame Caroline Dinenage MP, chair of the committee, said: &#8216;We heard last year that Government policies have been discouraging visitors and making them less likely to spend, with the decision to remove tax-free shopping for tourists symptomatic of an approach that is making the post-pandemic recovery harder rather than easier.&#8217;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/11\/11\/01\/77673367-12736563-image-a-7_1699666737969.jpg\" height=\"423\" width=\"634\"><\/p>\n<p>Muniya Barua, deputy chief executive at BusinessLDN called on Jeremy Hunt to &#8216;help Britain break out of its low-growth trap&#8217;<\/p>\n<p>&#8216;Our session will be a chance to explore how such policies are affecting retailers and businesses twelve months on.&#8217;<\/p>\n<p>It comes after business secretary Kemi Badenoch appeared to break ranks with the Government over the controversial levy.<\/p>\n<p>The minister said companies had raised the issue of bringing back VAT-free shopping with her &#8216;a lot&#8217; and that she was &#8216;very keen for them to know we understand the arguments that they&#8217;re making&#8217;.<\/p>\n<p>The Government has said it will not row back on the tax.<\/p>\n<p>Economists at the Centre for Economics and Business Research estimate the tax is costing the UK \u00a310.7billion in lost GDP and putting off two million travellers from visiting each year.<\/p>\n<p>A Treasury spokesman said VAT-free shopping &#8216;does not directly benefit Brits&#8217;.<\/p>\n<p>Source: <a href=\"https:\/\/www.dailymail.co.uk\/news\/article-12736563\/Scrapping-tourist-VAT-quick-win-Chancellor-Jeremy-Hunt.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Scrapping tourist VAT would be &#8216;quick win&#8217; for Chancellor Jeremy Hunt as companies say tourists&#8230;<\/p>\n","protected":false},"author":4,"featured_media":195927,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28134],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Scrapping tourist VAT would be &amp;apos;quick win&amp;apos; 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