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Tax-Free Shopping Could Boost UK Economy | Business and Finance News
Description
Bringing back tax-free shopping for tourists could pump £11.5 billion into the UK economy and create 153,000 jobs, according to new research. The policy, scrapped in 2021, previously cut prices by 20% for non-EU visitors — a perk now enjoyed in cities like Paris and Berlin, leaving the UK losing out on billions in spending. With international visitors returning but spending less per trip, businesses across the country are feeling the pinch. London Mayor Sadiq Khan is now backing the move, calling it a sign the UK is open to global travelers — a sentiment echoed by over 500 major companies. If reinstated, the scheme would also extend to EU visitors, making Britain the only major European destination offering tax-free shopping to all tourists — a powerful economic boost with global appeal.
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