OBR Examines VAT-Free Shopping for Tourists’ Benefits
- Chancellor Jeremy Hunt reviews tourist tax
- OBR examines costs and benefits of VAT-free shopping for tourists
- Results to be published alongside Budget next month
Chancellor Jeremy Hunt has reportedly asked the Office for Budget Responsibility (OBR) to review the decision made by Rishi Sunak in 2020 to end tax-free shopping schemes for tourists. The move comes as Heathrow Airport boss Thomas Woldbye, British Chambers of Commerce director Shevaun Haviland, and Federation of Small Businesses’ Tina McKenzie warn that Britain is losing its reputation for iconic retail. A Treasury spokesperson stated that all taxes are under review and a £4.3bn business rates package was announced at Autumn Statement to support businesses and the high street.
Factuality Level: 8
Factuality Justification: The article provides relevant information about Chancellor Jeremy Hunt’s request for the Office for Budget Responsibility to review the scrapping of VAT-free shopping for tourists and includes quotes from relevant sources. It also clarifies that VAT-free shopping is still available for items sent directly to an overseas address.
Noise Level: 2
Noise Justification: The article provides relevant information about Chancellor Jeremy Hunt’s consideration of reversing the decision on VAT-free shopping for tourists and includes input from industry experts. It also mentions the potential impact on Britain’s retail sector. The article stays on topic and supports its claims with evidence from sources like Heathrow Airport boss Thomas Woldbye, BCC director Shevaun Haviland, and FSB’s Tina McKenzie.
Financial Relevance: Yes
Financial Markets Impacted: Retail, leisure sectors, and businesses
Financial Rating Justification: The article discusses the potential impact of a policy change on various sectors in the UK economy, including retail, leisure, and small businesses. It also mentions the involvement of the Office for Budget Responsibility, which is related to financial matters.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no mention of an extreme event in the last 48 hours.
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