Fresh calls to end tourist tax as London risks ‘losing out’ to rival EU cities May 30, 2023 The policy chair of the City of London Corporation has made fresh calls for an end to tourist tax on foreign shoppers, warning that the capital could lose out to rival European cities. Writing in City A.M, Chris Hayward, said that London’s recovery is “not being maximised,” noting that the Treasury’s decision to scrap the [...]
Scrap the tourist tax hurting our hospitality businesses or lose out to Paris and Madrid May 30, 2023 Tourism is incredibly important for London, but to keep London important for tourism, we have to make it more attractive for foreign visitors to shop here, writes Chris Hayward.
Retail sales up in April but analysts warn on implications of further rate hikes May 26, 2023 Retail sales volumes recovered slightly by 0.5 per cent in April as the sector was lifted by the Easter holidays, however high inflation and strains on household finances continue to hinder spending. Non-food stores sales volumes rose by 1.0 per cent during the month, data from the ONS shows, following a fall of 1.8 per [...]
Europe capitalising on UK’s ‘tourism tax’ as retailers call for overhaul May 24, 2023 International tourists are spending more in Europe than in the UK as Britain’s retail sector continues to be hamstrung by the government’s decision to scrap VAT-free shopping, members of the House of Lords warned yesterday.
Harvey Nichols boss warns tourism tax is hurting UK economy May 22, 2023 The boss of Harvey Nichols has warned that the so-called ‘tourism tax,’ created by the scrapping of tax-free shopping in 2021, is having a significant impact on the wider British economy. Chief executive Manju Malhotra told The Times that the tax was affecting not just retailers that benefit from international visitors, but the “entire ecosystem [...]
Coronation: Sixty-two million pints to be poured at UK pubs, but City might miss out May 2, 2023 Pubs across the UK are bracing for an influx of visitors to celebrate the coronation of King Charles III this week, with some trade groups suggesting the sector could see a multi-million pound boost from increased sales. UK pubs will see a £120 million boost as people flock to pubs during the bank holiday weekend, [...]
Coronation: How much will it be worth to the West End? April 30, 2023 Retail and hospitality businesses across London’s West-End are gearing up for a £50m boost during the Coronation weekend, as a flock of tourists will help temporarily relieve inflationary and cost of living woes. According to figures from New West End Company, which represents 600 retail, restaurant, hotel and property owners spanning from Bond Street to [...]
Heathrow narrows losses, but claims hit from strikes and CAA price-cap April 26, 2023 Heathrow Airport narrowed its losses this quarter, but said results were impacted by the CAA’s price cap, as well as ongoing strike action. The airport posted adjusted pre-tax losses of £139m, down from £223m the previous year, writing that this was due to the “the revenue allowance in the CAA’s H7 settlement being set too [...]
Would London benefit from a tourism tax? April 16, 2023 What sets London apart from its neighbouring European cities? The City’s bustling financial centre? A super connected underground rail system? Its diverse population of inhabitants? The answer could well be London’s hesitancy to tax its tourists for overnight stays. Even the country’s de facto second city Manchester has followed in the footsteps of Paris and [...]
The Notebook: Neil Bennett on corporate disasters, Paris on fire and signs of hope for Wandisco March 29, 2023 One of my favourite business quotes comes, inevitably, from Warren Buffett: “It is only when the tide goes out, that you discover who has been swimming naked.” In the past two weeks it has become clear that the recent rapid tightening of rates has created to a strong ebb tide, and that there is an [...]