The letter states: "What has become known as the 'tourist tax' has turned into a spectacular own goal for the UK. The UK is now the only country in Europe that does not offer tax-free shopping to tourists, leaving British businesses at a massive global disadvantage. This does not just affect a few luxury stores in London's West End... The entire tourist economy is affected."
Research by the Centre for Economics and Business Research (Cebr) suggests the decision is costing the UK £11.1 billion in lost GDP each year and is deterring 2 million tourists annually.
Retailers argue that this assessment is flawed and overlooks the broader economic benefits of encouraging tourism, with potential losses far outweighed by gains from visitor spending.
Brian Duffy, CEO of the Watches of Switzerland Group, emphasized that reinstating VAT-free shopping could significantly boost tourism and the overall economy, benefitting a wide variety of businesses.
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