London losing out due to ‘tourist tax’ as US and Gulf visitors opt for Paris and Milan instead August 14, 2023 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 [...]
Luxury retailers to push for tax cut acceleration ahead of coronation September 25, 2022 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 [...]
Mulberry warns it will swing to a loss as coronavirus hits handbags March 24, 2020 Luxury fashion brand Mulberry has become the latest brand to warn on the impact of the coronavirus on trading, as it anticipates losses in the second half of the year. The brand said it would suspend payouts to shareholders as recent trading in its stores, particularly in the UK, had been severely impacted by the [...]
Central London Alliance calls for government to cut VAT for hospitality, tourism and leisure January 23, 2024 Central London Alliance (CLA) calls on the Government to address the UK’s lack of competitiveness on the global tourism market, beginning with a cut to VAT for the hospitality, tourism and leisure industries. Figures from the Office of National Statistics (ONS) show that visits to the UK increased 112 per cent year-on-year, generating £30 billion [...]
Mike Ashley’s Frasers Group ups stake in German fashion brand Hugo Boss, again June 22, 2022 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 [...]
Loss of tax-free shopping costing the UK £4.1bn, say London bosses July 26, 2023 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 [...]
More than a quarter of a million people visit new Battersea Power Station in opening weekend October 19, 2022 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 [...]
Climate change doesn’t have to be a culture war issue May 13, 2024 Protesters who vandalise our heritage make climate change a divisive issue. But when it comes to the environment, we all win or we all lose, says Frances Lasok When we are under pressure, our hands start shaking and our mind goes blank. That’s because when we’re scared our bodies flood with the chemicals necessary to [...]
The Notebook: Charles Tyrwhitt boss on how the ‘tourist tax’ is hurting London September 11, 2023 Where the City’s movers and shakers get a few things off their chest. Today, it’s Nicholas Wheeler, founder of tailored shirts specialist Charles Tyrwhitt.
Who is Morgan Stanley’s new CEO Ted Pick? October 26, 2023 Here’s what you need to know about Morgan Stanley's new CEO Ted Pick and what he faces in his new role.