300+ Retailers Sign Joint Letter to Chancellor Hammond

  • New West End Company warns government over tax-free shopping
  • Over 300 retailers sign joint letter to chancellor Philip Hammond
  • UK risks losing international competitiveness post-Brexit if system not modernized
  • Tax-free shopping contributes millions to UK economy annually
  • NWEC concerned with slow pace of government’s digitalization plan
  • Retailers lose confidence in treasury’s program for tax-free shopping
  • Proposed system would be faster, cheaper, less risky and disruptive
  • Tax-free shopping scheme attracts £2.5bn retail sales annually
  • CEBR research shows net benefit of up to £1.90 for every £1 refunded

The New West End Company (NWEC) has issued a stern warning to the UK government over tax-free shopping, signed by over 300 retailers in a joint letter to chancellor Philip Hammond. The trade body expressed concern about the slow pace of the government’s plan to digitalize the tax-free shopping system, stating that failure to implement it could lead to further loss of international competitiveness post-Brexit. NWEC claims that the UK is already falling behind in this area. Tax-free shopping contributes millions to the UK economy each year and is a major attraction for international visitors. The Centre for Economics and Business Research found a net benefit to the treasury of up to £1.90 for every £1 refunded. NWEC proposes a new system that focuses on validation and builds upon existing digital infrastructure, which they believe would be faster, cheaper, less risky, and less disruptive.

Factuality Level: 8
Factuality Justification: The article provides relevant information about the concerns of the New West End Company and the impact of tax-free shopping on the UK economy, citing specific numbers and research from CEBR. It also includes quotes from NWEC and presents a clear argument for modernizing the system.
Noise Level: 3
Noise Justification: The article provides relevant information about the concerns of West End retailers regarding tax-free shopping and its impact on the UK economy, but it could benefit from more in-depth analysis or exploration of potential solutions beyond the trade body’s suggestions.
Financial Relevance: Yes
Financial Markets Impacted: UK retailers and tax-free shopping industry
Financial Rating Justification: The article discusses the impact of tax-free shopping on UK’s economy and its competitiveness, which can affect the financial performance of retailers and the overall economy. It also mentions a potential loss in revenue for the treasury if the system is not modernized.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.

Reported publicly: www.retailsector.co.uk