Loss of tax-free shopping impacting the West End, says NWEC chief

  • NWEC chief calls government’s decision not to end tourist tax a ‘missed opportunity’
  • International visitors made up 57% of spending in the West End in 2019
  • NWEC submitted evidence to the Treasury on the impact of loss of tax-free shopping
  • Spending is down compared to 2019, affecting the West End
  • Tax-free shopping could benefit the whole nation
  • Bringing back tax-free shopping could create a new tourism ecosystem

Dee Corsi, chief executive of the New West End Company (NWEC), has criticized the government’s decision not to end the tourist tax, calling it a ‘missed opportunity’. According to NWEC data, international visitors accounted for 57% of all spending in the West End in 2019, but this figure dropped to 44% in 2023. Corsi highlighted that NWEC had submitted evidence to the Treasury, demonstrating the negative impact of the loss of tax-free shopping on the West End. She emphasized that although people are still visiting, their shopping habits have changed, leading to a decline in spending. Corsi also emphasized that tax-free shopping has the potential to benefit the entire nation, creating a new tourism ecosystem. She expressed disappointment in the current situation and stressed the importance of bringing back tax-free shopping to the UK, supported by real data.

Factuality Level: 8
Factuality Justification: The article provides specific quotes and data from Dee Corsi, the chief executive of NWEC, regarding the impact of the government’s decision not to end the tourist tax. The information presented is relevant to the main topic and is supported by evidence, making the article factually sound.
Noise Level: 3
Noise Justification: The article provides relevant information about the impact of the government’s decision not to end the tourist tax on the West End and the potential benefits of tax-free shopping. It includes quotes from Dee Corsi, the chief executive of NWEC, and data to support the claims made. The article stays on topic and does not contain irrelevant information. However, it could benefit from more in-depth analysis or exploration of potential solutions to the issue raised.
Financial Relevance: Yes
Financial Markets Impacted: The article does not provide specific information about financial markets or companies impacted.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article discusses the government’s decision not to end the tourist tax and its impact on the West End. While it pertains to financial topics, there is no mention of an extreme event or its impact rating.

Reported publicly: www.retailsector.co.uk