Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Shakespeare’s Globe Theatre feels the impact of Tourist Tax on sales

by August 7, 2023
August 7, 2023
Shakespeare’s Globe Theatre feels the impact of Tourist Tax on sales

The boss of Shakespeare’s Globe, Neil Constable, says that its ticket sales have fallen since a tax-free shopping scheme for international visitors was ended.

VAT-free shopping for tourists was scrapped in January 2021, only for Kwasi Kwarteng, when he was chancellor, to reintroduce it in his mini- budget.

Business briefing Morning and midday updates on financial and economic news from our award-winning business team. Sign up with one click
However, Jeremy Hunt, his successor, reversed the planned reinstatement. Business leaders have called for the scheme to be restored, with its repeal dubbed a “tourism tax”.

Constable said: “We at the Globe join in support of this campaign in asking the government to help create a dynamic economy which appeals to foreign investors and visitors.”

A study by the Centre for Economics and Business Research consultancy found that the economy would be £10 billion a year better off if the VAT refunds were reinstated. The Treasury also could benefit from an annual boost of £2 billion, it said.

During the pandemic the Globe called for urgent funding to avoid insolvency because of the “devastating” impact of the coronavirus. Constable said the pandemic had created a “hugely challenging environment for everyone in the UK and so it’s more important than ever to find long-term solutions to create an economically and culturally successful future. The UK should aim to be the most natural choice for those wishing to spend hard-earned cash at our incredible cultural offering, not just in London but UK-wide.”

Emma Fox, chief executive at Berry Bros & Rudd, Britain’s oldest wine and spirit merchant, said that if the government wanted to “guarantee the future of luxury British retail, we need to compete with other shopping destinations around the world and encourage tourists to make the most of all that London and British shopping has to offer”.

Last week Mulberry revealed a £14.8 million loss from the closure of its Bond Street shop in central London, which the luxury retailer shut after the tourism tax damaged trading.

The Treasury has said VAT-free shopping, which the government abolished after Brexit, does not directly benefit Britons.

Read more:
Shakespeare’s Globe Theatre feels the impact of Tourist Tax on sales

0
FacebookTwitterGoogle +Pinterest
previous post
Congress should use ‘power of the purse’ to force changes at DOJ, DHS: Rep. Chip Roy
next post
Some conservatives have surprising ‘Barbie’ take despite criticisms of liberal agenda

You may also like

HMRC introducing new side hustle tax targets Britons...

January 2, 2024

Made in Britain: Where ethical beauty meets innovation,...

February 11, 2024

Over one million taxpayers face fines after missing...

February 3, 2025

John Lewis CEO criticises Rachel Reeves over ‘two-handed’...

November 21, 2024

HMRC crackdown causes 21% drop in R&D tax...

September 26, 2024

Understanding Alternative Dispute Resolution (ADR): A Comprehensive Guide

December 30, 2024

How to Boost Employee Engagement in a Hybrid...

March 22, 2024

Make tax-savvy new year’s resolutions to cut stress...

January 8, 2025

Celebrating Old Reptonians Who Fought in the Battle...

December 21, 2022

One in five hospitality firms ‘will go under’...

September 9, 2022

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • IVF parents should have right to paid fertility leave, says GMB union

      June 9, 2025
    • Reform UK clashes with Bank of England over interest payments to lenders

      June 9, 2025
    • Trump ally stands firm against ‘big, beautiful bill’ despite pressure: ‘It’ll completely backfire’

      June 8, 2025
    • Rubio condemns assassination attempt on Colombian presidential candidate Miguel Uribe

      June 8, 2025
    • Obama WH physician says Biden doc should have performed cognitive test

      June 8, 2025
    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025

    Categories

    • Business (8,154)
    • Investing (2,019)
    • Politics (15,571)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved