Budget 2013: Failure to reduce tourism VAT missed opportunity for UK economy
Speaking on the Budget announcement, Graham Wason, Chairman of the Campaign for Reduced Tourism VAT said:
“We are disappointed at the Government’s failure to reduce the rate of VAT for the tourism sector, as almost every other country in Europe has done.
“The Government has accepted the argument that a lower rate of corporation tax makes the United Kingdom more competitive internationally. However, the Treasury’s own economic model demonstrates that reducing VAT on tourism is a better way to generate growth for the economy than reducing corporation tax.
“We’re missing out on tourists from growing markets like China and Russia because of the high VAT rate as well as our unfriendly visa regime. Cutting the VAT rate for tourism to 5% will allow us to compete effectively with our international rivals, boost growth and deliver the Olympic legacy. The government is squandering its golden opportunity to create the right business environment for the tourism sector and the whole economy.”
“The case for the UK to reduce VAT for tourism remains strong and the Campaign will increase its activity in the run-up to the General Election in 2015.”
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