Evening Standard

Ed Vaizey

15.12.22

Last week, Jeremy Hunt unveiled the “Edinburgh Reforms”, with the aim of revolutionising the UK’s financial service sector, seizing the benefits of Brexit and promoting growth. Today, in the House of Lords, I will be making the case for the Chancellor to take another look at the tax-free shopping scheme as a vital growth measure. The Chancellor has succeeded in calming the markets with the November Autumn Statement.

A recent study conducted by Oxford Economics and the Association of International Retail proves that this low-cost measure would have an immediate benefit, supporting tourism, retail and hospitality industries not just in London but across the UK.

The Chancellor is right to be looking at growth measures having steadied the ship and the opportunities presented by Brexit, such as tax-free shopping, should be reconsidered not just in the financial services industry but, in other industries, as well. The restoration of tax-free shopping will help our retail, tourism and hospitality industries to thrive.

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