(1 month ago)
Commons ChamberI have been campaigning for a long time on the reinstatement of tax-free shopping for foreign visitors, particularly those from Europe. Recent evidence from business suggests that we are losing £6 billion of income from this potential change, and £500 million in extra VAT generated from those tourists. Will the Chancellor undertake to look at this matter again? The potential exists for those high-spending tourists to benefit our hard-pressed hospitality industry, and that could be a quick win-win for this country.
This matter was looked at by the previous Government several times, and I understand that there was pressure for their Ministers to look at it again. They did so, and they came to the same conclusion, which was not to proceed with reintroducing it.
(10 months ago)
Commons ChamberMy hon. Friend is absolutely right to highlight the decimation of businesses during the Conservatives’ time in office. Businesses across the economy need stability, public finances on a firm footing and investment in our public services. That is what businesses across the country need to invest for the future and grow.
I am very grateful to the hon. Gentleman for giving way. He is a Treasury Minister. May I suggest that some of the disparity between the Treasury figures and those of other reputable bodies representing agricultural interests is because of land values? Average values for ordinary land in the Cotswolds are now £15,000 an acre. Will he accede to the request of my right hon. Friend the Member for Salisbury (John Glen), a former Chief Secretary to the Treasury, and publish an up-to-date impact assessment on how many farms this tax will affect?
A lot of data has already been published. I mentioned the Chancellor’s letter to the Treasury Committee, and further details on the impact will be published alongside the draft legislation in the normal way. I suggest that the hon. Gentleman reads the letter to the Select Committee. As he and the his right hon. Friend will know, the impacts are typically published at the time of draft legislation. That is the normal process. Indeed, it was the norm under the previous Government.