Watches of Switzerland boss: VAT tax holding back economy
‘Absolutely no doubt’ tourist tax is dragging economy, warns Watches of Switzerland boss Brian Duffy
The Watches of Switzerland boss said there was “absolutely no doubt” that the economy is being hurt by a controversial tourist tax.
More than 320 industry leaders from companies ranging from hotels, theaters and carriers have called for the return of VAT-free shopping for international visitors.
The Mail is campaigning for it to be abolished. Brian Duffy, boss of the watch retailer, said: “There’s no question that retailers and the economy are taking the brunt.”
Star-studded: Watches of Switzerland boss said there was ‘absolutely no doubt’ the economy is being hurt by a controversial tourist tax
It wasn’t just luxury brands, he said. ‘It’s not just retail, it’s catering, theatres, many people are outspoken from the hotel industry.’
His comments came as Watches of Switzerland posted a 19 per cent sales increase to £1.54 billion for the year due to huge demand for luxury timepieces such as Cartier and Rolex.
Retailers say shoppers are deciding to spend in rival destinations such as Paris and Lisbon – and the Chinese will start visiting Europe again after pandemic restrictions are lifted. of what is very obvious for the UK.’
Officials working for Chancellor Jeremy Hunt have asked for evidence of the tax’s “wider economic impact”.
Businesses dispute that removing the tax would cost £2bn a year, claiming a £350m gain.