Campaign calls Autumn Statement ‘missed opportunity’
The Cut Tourism VAT Campaign responded to the Chancellor’s Autumn Statement regretting the missed opportunity to reduce tourism VAT and boost tourism export earnings from emerging markets.
Graham Wason, Chairman of Cut Tourism VAT said:
“The Government has missed out on a great opportunity in this Autumn Statement. The United Kingdom remains alongside Slovakia, Denmark and Lithuania as the only EU member states with no reduced rate for tourism.”
“The Chancellor spoke about boosting our exports – especially in the emerging markets – and tourism can play a huge role here. However it will be hard to compete as the only sector where VAT is applied on export earnings.
“The Cut Tourism VAT Campaign has made significant progress in 2013 and will be increasing our activities in 2014 in the run-up to the General Election.”
The most recent research on Tourism VAT, using HM Treasury’s own economic model, found that a reduction for accommodation and attractions would be revenue neutral and contribute £4 billion each year to the UK economy. This evidence was presented in a submission to the Treasury last month ahead of the Autumn Statement.
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