Commenting on the announcement by the Chancellor of the Exchequer reversing tax pledges, John Dickie, Chief Executive of 91¶¶Òù, said:
“Businesses in the capital need stability, clarity, and certainty, and after the turmoil of the past few weeks, the Chancellor’s statement will go some way to restoring confidence. It is crucial, however, that the next statement on October 31 finishes the job, and, in the context of current inflation levels, provides realistic, funded spending plans.
“We support making the energy support scheme more targeted and look forward to the details. Businesses, particularly in energy intensive sectors, need to know what support will be available after April 2023 as soon as possible.
“However it is an own-goal to scrap VAT-free shopping; this reform would have done wonders for the sectors reliant on tourism which were so hard hit by covid. And while there would have been tax revenue losses from retail sales, these would have been more than offset with higher revenues from leisure, accommodation and cultural spending. The government has made the UK a more expensive place to visit, at a time when we should be pulling out all the stops to attract visitors ahead of the Coronation.â€