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British luxury goods companies are demanding tax breaks for tourists

British luxury goods companies are demanding tax breaks for tourists

London – Agencies |
A group of 250 luxury brands in the UK, including Burberry and Harrods, have called on the British government to reintroduce tax breaks for tourist possessions to boost the economy.

Walpole, a group representing the UK luxury sector, said the removal of the purchase tax would boost annual retail sales by 1. 1.2 billion ($ 1.5 billion) and attract 600,000 visitors to the country.

Britain is the only European country that does not offer this offer to tourists coming from outside the EU.

Helen Brooklynbank, Wallpole’s chief executive, said in a statement on Monday that “if the UK is to regain its status as the No. 1 luxury destination in the world, it needs a consistent strategy and policy change to get there.”

Prior to the epidemic, tourism contributed 4% to the British economy, with a total value of 85 85 billion, benefiting companies such as the Swiss firm Dufri, the world’s largest non-performing operator. More than a third of that money was spent by prudent tourists staying in luxury locations such as five-star hotels.

Visitors, who usually spend 14 times more than the average tourist, now prefer shops in cities such as Paris, Madrid and Milan.

The report said that this was a major factor in the UK’s decision to abolish tax-free shopping in 2020. Prior to this, 69% of UK travelers said they had suffered the consequences of tax-free shopping.

U.S. visitor spending to the EU has risen to 91% of pre-epidemic levels, compared to 49% in the UK.