Tax-free shopping is a simple gift for growth 700

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.

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It was a vital step by the Chancellor to assist Britain’s financial service industry and secure its international competitiveness. However, many other industries also offer opportunities to support growth following Brexit, with the possibility of drastic benefits in towns and cities across the country.

A similar opportunity is the VAT Retail Export Scheme or tax-free shopping.

The Chancellor’s efforts to restore confidence by cancelling many elements of the mini-Budget were crucial for regaining stability. However, by dismissing calls for the reinstatement of tax-free shopping, he also threw away a key opportunity for 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. He has also demonstrated through the “Edinburgh Reforms” that he is aware of the need to still go for growth. This makes it even more important to understand the full impact of low-cost, efficient and immediate growth measures.