Duty-free loss will hit us harder than Brexit and the pandemic combined, says luxury jeweller Boodles By Daily Mail City & Finance Reporter Published: 22:08 GMT, 22 December 2020 | Updated: 22:27 GMT, 22 December 2020 The boss of luxury jeweller Boodles said the loss of duty-free shopping could hit the sector harder than Brexit … Read more
MPs have demanded the Government reveal how hard the UK economy will be hit when duty free shopping for foreign tourists is scrapped next month. Chancellor Rishi Sunak will end VAT refunds for international visitors to British shops from January 1, even as the high street is fighting for its survival after the Covid-19 crisis. … Read more
Tourists ‘will abandon Britain if the Chancellor scraps duty-free shopping’ as watchdog warns it will raise only £195m in the first year – £300m less than original estimates Office for Budget Responsibility warns plans based on highly uncertain estimate It predicts it will make UK ‘less attractive for tourists’ compared to Paris or Milan Treasury said that … Read more
Chancellor warned foreign shoppers will ditch UK for France and Italy when duty-free shopping ends in January By Daily Mail City & Finance Reporter Published: 21:51 GMT, 25 November 2020 | Updated: 21:51 GMT, 25 November 2020 The Chancellor is under renewed pressure to reinstate duty-free shopping after the Office for Budget Responsibility (OBR) revealed … Read more
More than 40 Tory MPs have warned Rishi Sunak that axing duty-free shopping could cost up to 50,000 jobs. They say the Chancellor’s decision to scrap the system next year will make Britain less attractive to international visitors. The move could affect not just London, but airports and shopping centres throughout the country including in … Read more
Burberry has warned that the government’s plan to end duty-free shopping will trigger a tourist exodus and damage UK economy as the brand announced its profits plunged by two thirds during lockdown. Chancellor Rishi Sunak is ending refunds for international visitors to British shops from January 1. The luxury clothing brand, which currently has 10 … Read more
End of duty-free ‘will cost billions’: Luxury goods firms including Gucci and Tiffany warn that ending VAT refunds will hit UK economy hard Rishi Sunak is ending VAT refunds for international visitors to British shops It is estimated the move could cost the economy up to £3.5billion 11 leading luxury firms have written to Chancellor … Read more
Heathrow’s bid to keep duty-free shopping: Britain’s biggest airport launches legal challenge to bring back bargains on perfume, clothing and electronics Heathrow argue it will intensify crisis facing battered aviation and retail industry As of January 1, tax savings on goods will apply only to alcohol and tobacco Abolition of VAT rebate scheme expected to … Read more
Boss of fashion giant Kurt Geiger slams Rishi Sunak’s decision to axe duty-free shopping as ‘ludicrous’ Kurt Geiger boss Neil Clifford has slammed decision to stop duty-free shopping He has called the ‘ludicrous’ decision to end VAT refunds a ‘staggering own goal’ Chancellor Rishi Sunak announced the proposed policy change in September By Francesca Washtell … Read more
Chancellor’s duty-free ban ‘will lead to the loss of 138,000 jobs and cost the economy £3.5bn’ By Tom Witherow For The Daily Mail Published: 21:52 BST, 2 October 2020 | Updated: 21:52 BST, 2 October 2020 The decision to end duty-free shopping on goods such as perfume, clothing and electronics will lead to 138,000 job … Read more