'Lockdown’s a disaster for British luxury but abolishing Tax-Free shopping could be the kiss of death'
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telegraph.co.uka Savile Row suit.Their contribution to the economy at large and to high end brands is significant, and essential to a strong, speedy economic recovery.
But even before the latest lockdown dashed hopes of good Christmas sales, the Chancellor had already dealt a devastating blow to luxury’s recovery plans when he announced the abolition of tax- free shopping (VAT RES) at the end of this year.Tax-free shopping is an important draw for affluent non-EU visitors.
It accounts for between 30 and 60% of revenues in luxury stores the length and breadth of the country. We think of luxury’s allure for international visitors being concentrated on London and Bicester Village, but £124m of tax free shopping is spent in the very cities that are crucial to.
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