Reinstating tax-free shopping could boost UK GDP by £11.5bn
UKPulse Money Desk
New figures suggest that reinstating tax-free shopping for tourists could increase UK GDP by £11.5 billion. London Mayor Sadiq Khan has reportedly supported the policy.
- Reinstating tax-free shopping for tourists could boost UK GDP by £11.5 billion.
- Non-EU visitors could previously receive a 20% tax refund on purchases made in the UK.
- The VAT-free shopping initiative was ended in 2021.
Figures indicate that reinstating tax-free shopping for tourists has the potential to boost the UK's Gross Domestic Product (GDP) by £11.5 billion. London Mayor Sadiq Khan has reportedly expressed his support for this policy.
Prior to its discontinuation in 2021, the VAT-free shopping initiative allowed non-EU visitors to claim a tax refund on purchases made in the UK, effectively making items 20% cheaper.