ABM UK’s Post

The Telegraph has reported on calls to the Chancellor from BusinessLDN members to restore tax-free shopping as a win-win for business, the economy and the country – something we at HS1 strongly support.   Commenting on the news, our Commercial Director Wendy Spinks said: “Running the UK’s only international rail line and St. Pancras International, with its huge retail offer, means we have seen first-hand the economic benefits of tax-free tourist shopping to the UK. London is one of the world’s best shopping spots – we need tax-free shopping to be restored imminently so businesses benefit from tourists visiting the UK to shop, rather than heading to European tax-free shopping destinations.”   Read more here: https://lnkd.in/eFE8Z-cf

We look at how abolishing tax-free shopping for international tourists in 2020 has had a significant impact on UK retailing. #taxfree #VAT #shopping #tourism https://bit.ly/4aIczrM

"Hospitality leaders, including Sir Rocco Forte owner of Rocco Forte Hotels, have warned that tourists are bypassing Britain since VAT refunds for overseas visitors were scrapped following a post-Brexit review of tax policy." The effects are being felt not only in retail, but entertainment industry and hospitality. #tourismmatters #tourismindustry #tourismrecovery #taxfreeshopping #ukbusiness #ukeconomy #visitbritain #visitscotland #visitwales https://lnkd.in/eyuk7jnG

Will tourist tax hurt UK trade this Christmas? Retailers fear the crucial festive season could be “negatively impacted” due to the loss of VAT-free shopping for foreign visitors. The perk that allowed foreign visitors to claim a 20% refund on much of their shopping in the UK came to an end in 2021. With the retail and tourism sectors already facing a number of challenges over the last few years, it is more important than ever for businesses lower down the supply chain to protect their bottom line. Read more about how Trade Credit Insurance can help you prepare: https://brnw.ch/21wD0LF #TouristTax #Tourism #TradeCreditInsurance #Atradius

Let's hope the Chancellor listens to the industy experts and looks at the data. This new VisitBritain data is yet one more example of the negative impact of ending tax-free shopping. The Treasury forecast that ending it would have no impact on spending. But the evidence of actual spending levels showed quiet the opposite. In 2022, spending by international visitors to mainland Europe grew to 198% of 2019 levels. In Britain it fell by 28% on 2019 levels. That cost British businesses £1.5bn in lost sales. And each year it gets worse. The Treasury also forecast that extending TFS to EU residents would not increase visitor numbers or spending. But evidence of Brits who can now shop tax-free in the EU shows the Treasury was wrong on this too. TFS spending of €1bn and bed nights in Pais up by 230% on 2019 levels, all due to TFS. This suggests that,far from the Treasury's "no impact" forecast, extending TFS to the 447million EU residents would create a new £10bn market, unique to the UK. Please, Chancellor, use the Budget to reverse this damaging decision and give all of the UK a well needed £10bn economic boost. Joss Croft OBE - 杨博路 Richard Toomer Rachael Farrington Patricia Yates Kate Nicholls OBE Helen Dickinson Helen Brocklebank Tom Jenkins Dee Corsi Pete Bowyer FRSA Elio Fang Sarah Jaconelli Steven Medway Derrick Hardman #tourism #touristtax #retail #taxfreeshopping #budget2024

It’s been two years since government scrapped tax-free shopping for tourists. Today we have partnered with the Federation of Small Businesses (FSB) to highlight the impact on business and the economy making us less competitive with our European neighbours. We have also been working with Heathrow who has seen retail spend drop by 37% compared to 2019 due to the withdrawal of tax-free shopping. We are seeing the same impact across our nations and regions with higher levels of tourism. Findings from Oxford Economics show the size of the prize if the government re-instated a competitive retail tax policy for tourists. It would generate an expected increase in economic activity with £4.1bn supporting 78,000 jobs. Together with the FSB and Heathrow airport, we have written in today’s Sunday Times calling for Government to reconsider this tax policy in the Spring Budget on 6 March. Scrap the tourist tax. Scrap the tourist tax to protect the UK as a premier shopping destination https://lnkd.in/e_chpGAX

What do travellers in the current travel retail market really want to find in stores? According to a report by Kearney for the TFWA (Tax Free World Association), Price and Assortment play a key role in both encouraging travellers to shop and - when done wrong - stopping them from spending money in this unique market. In this week's blog, our Senior Executive VP Marco Passoni - a long-time advocate of the role of price in travel retail - picks through the report and looks at what its findings mean for our market, and our collective plans for the future. Read more here: https://lnkd.in/evCxQewp #TravelRetail #Price #Assortment

If one of the most resilient markets that commands high prices and demand can be detrimentally effected by TT - what chance for more fragile markets. Why don’t we invent something called Destination Management, elimate wasteful bureaucracy, invest in sustainable infrastructure, encourage true partnerships and resolve undertourism!

New figures released this week highlight the impact on the retail sector by the government’s post-Brexit tourist tax. The Times reports that after the introduction of VAT on overseas spending, shops in London are struggling to capitalise on a post-Covid uplift in travel as the higher duty encourages visitors to divert to Paris and other European cities. Tourists from the United States and the Gulf region reduced their spending in the West End by 1 per cent and 17 per cent, respectively, in the three months to June compared with the same period in 2019, according to research by the New West End Company. This is despite flight bookings from these regions rising by 17 per cent and 7 per cent against the second quarter of 2019. What are your thoughts?