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Luxury retailers in the West End are eager to elevate the shopping destination among its global rivals by appealing for tax changes to be accelerated. After the Chancellor suggested VAT-free shopping could boost the retail heartland from 2024 last week, the Association of International Retail said could be introduced in the next six months. The [...]
A group of business leaders, including Gatwick Airport’s chief executive, have backed a letter by BusinessLDN making a final call to the government to scrap the so-called “tourist tax” days before the issue is set to be debated in parliament. The lobby group, which represents some of London’s biggest firms, has asked Chancellor Jeremy Hunt [...]
Sports Direct owner Mike Ashley has snapped up a stake in British luxury handbag company Mulberry, as the billionaire businessman seeks to rebrand his company as a premium retailer. Sports Direct, which has recently been rebranded as Frasers Group, has taken a 12.5 per cent stake in the designer brand. The deal signals a further [...]
Britain is missing out on a £1bn pound “Brexit boost” for as long as it fails to reinstate VAT-free shopping for international tourists, MPs have warned.
London is losing out on wealthy foreign visitors splashing their cash in Oxford Street due to the so-called ‘tourist tax’, amid renewed calls to scrap it and make the capital more competitive. The removal of VAT free shopping for international tourists continues to hurt London retailers, with visitors from the US and the Gulf cutting [...]
Mike Ashley’s Frasers Group confirmed this morning it has increased its stake in luxury German fashion brand Hugo Boss once again. Frasers said it now has 3.4 million shares – a 4.9 per cent stake – in Hugo Boss and holds buy options over another 26 per cent shareholding. The group said its investment in [...]
Over a quarter of a million people visited the new Battersea Power Station last weekend, providing a much-needed boost to the new South London hotspot. Nearly forty years after the lights were switched off in one of London’s most defining landmarks and following an eight-year restoration project, visitors were able to enjoy the first of its [...]
Luxury handbag retailer Mulberry widened its losses in the first half of the year as it struggled in the UK’s “increasingly promotion led” market. The company reported a loss before tax of £9.9m compared to a loss of £8.2m the previous year, reflecting the retailer’s British high street woes and its increased investment in Asia [...]
Makar Original Dry Gin is the first commercial gin to ever be made in Glasgow. Located within spitting distance of the Braehead Shopping Centre and a stone’s throw from Ibrox Stadium, the Glasgow Distillery makes a range of single malts, a blended malt whisky, a spiced rum, and botanical vodkas. But its largest range is [...]
Scrapping the tourist tax could generate £4.1bn annually for the UK economy, new research suggests, as a cluster of prominent business owners call for the government to reinstate VAT shopping for international tourists. Rishi Sunak scrapped the tax which saw international shoppers able to claim 20 per cent back with their purchases. It was largely [...]
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