Cut Tourism VAT responds to ‘Tourism: jobs and growth’ report
Cut Tourism VAT today responded to the ‘Tourism: jobs and growth’ report by Visit Britain. The report forecasts that the tourism economy will be worth around £127 billion this year (2013), equivalent to 9% of the UK’s GDP.
Graham Wason, Chairman of the Cut Tourism VAT campaign said:
“The Visit Britain figures show the huge potential and importance of tourism to the United Kingdom. Tourism will help rebalance our economy and spread growth across the country.
“This makes it all the more remarkable that successive Governments continue to hurt this vital sector with a Tourism VAT rate much higher than other major EU destinations.
“I worked with Deloitte in our report in 2011 looking at the impact of a VAT reduction for the sector. That work, which has been referenced by Deloitte today, found that a 5% VAT rate would create 80,000 jobs and deliver £2.6 billion extra to the Treasury.”
The Campaign recently put in its submission to the Chancellor of the Exchequer ahead of the Autumn Statement.
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