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

Future Retirement Success

Business

Royal jeweller cuts prices by 20% to counter impact of tourist tax

by September 25, 2024
September 25, 2024
Royal jeweller cuts prices by 20% to counter impact of tourist tax

Kiki McDonough, the jeweller favoured by Princess Diana, Kate Middleton, and Queen Camilla, has slashed prices by 20% in a bid to offset the effects of the so-called “tourist tax”.

This summer, McDonough offered the discount to American and Australian shoppers, aiming to alleviate the impact of the 2020 removal of VAT-free shopping for tourists, a move introduced by then-Chancellor Rishi Sunak.

The luxury industry has been vocal about the negative impact of the policy, with McDonough noting a significant drop in American tourists, who form her second-largest market. The 20% discount helped attract foreign customers back to her boutique in London’s Sloane Square. “It’s amazing how many people were then brought back [with the discount],” she said.

The removal of VAT-free shopping has caused tourist spending to shift towards other European countries such as France and Spain, while the UK has seen a decline. McDonough argues that luxury shopping is an essential draw for tourists, with wider economic benefits. “Luxury is not seen as important in this country,” she said, highlighting the ripple effect it has on other sectors, including hospitality and tourism.

While the Office for Budget Responsibility estimates that scrapping tax-free shopping will save £540 million over the next two years, McDonough believes Labour should reconsider reinstating the perk to boost economic growth. She emphasised that it is not just about luxury goods but the broader experience and spending associated with tourism.

McDonough, who founded her business in the 1980s, also expressed concerns about the government’s focus on large businesses at the expense of smaller enterprises like hers. She called for reduced red tape and more support for young entrepreneurs, urging politicians to foster an environment that encourages risk-taking and business growth.

A Treasury spokesperson reiterated that the government faces tough decisions in the upcoming budget, as it aims to address a £22 billion hole in the public finances left by the previous administration.

Read more:
Royal jeweller cuts prices by 20% to counter impact of tourist tax

0
FacebookTwitterGoogle +Pinterest
previous post
North faces ‘Armageddon’ without HS2 links, warns Andy Burnham
next post
Raspberry Pi shares surge after strong first update since flotation

You may also like

HMRC Fails to Fine a Single ‘Enabler’ of...

June 16, 2024

Greene King boss calls for business rates relief...

May 1, 2025

Fintech Payrow Launches New Tools to Automate Routine...

November 11, 2022

Coronation cheers pub trade but worries on energy...

May 2, 2023

Soldiers’ Christmas cancelled to cover striking Border Force...

December 9, 2022

Top female angels invest £4.5m to turbocharge opportunities...

November 3, 2022

A Guide to Choosing the Right Funeral Director

February 14, 2024

Google to pay record £330m privacy settlement

November 16, 2022

Keeping UK energy bills down over winter cost...

June 9, 2023

Piers Morgan Shifts Focus to YouTube for Uncensored...

February 9, 2024

    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

    • The Best Five Sectors, #22

      June 9, 2025
    • Half of Brits would trust AI for legal advice, survey finds – but experts urge caution

      June 9, 2025
    • Business leaders paralysed by risk warn BDO as caution stifles growth

      June 9, 2025
    • Starmer pledges £1bn investment to supercharge UK tech and AI infrastructure

      June 9, 2025
    • 5 terrifying flashpoints that could ignite global war

      June 9, 2025
    • HMRC inheritance tax investigations surge 37% as treasury seeks to plug revenue gap

      June 9, 2025

    Categories

    • Business (8,161)
    • Investing (2,019)
    • Politics (15,572)
    • Stocks (3,137)
    • 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