Big spenders now shun London stores thanks to Mr Sunak

SHOPPING beneath the Christmas lights is one of central London's great attractions - a picturesque bustle that's great for British business.

- Sean Dixon

For my business, Richard James, and other UK retailers, it's our busiest period and accounts for a large chunk of our annual income. But we're losing out, as high-end international shoppers desert London and head to Paris, Milan and other European cities.

All because of what retailers have mockingly dubbed "tourist tax" - namely, the loss of the tax-free shopping scheme, which until January 2021 allowed international visitors to the UK to claim 20% VAT back on their purchases.

Axed by then chancellor Rishi Sunak, this measure is different to the idea of charging tourists a nominal sum for each night of their stay and far more pernicious, as it instantly makes shopping in the UK 20% more expensive for foreign visitors.

And it's not only tourists that are worse off. In October, the Centre for Economics and Business Research found the axing of the tax-free shopping scheme was costing the UK £11.7billion in lost revenue by keeping big spenders away from our shores every year, negatively impacting on restaurants, hotels and attractions.