London fears losing luxury shoppers to Paris and Milan

Published by
Reuters UK

By James Davey and Sarah Young LONDON (Reuters) – London’s luxury retailers fear the city is losing its pull as a shopping destination, with tourists from the United States, China and the Gulf flocking instead to Paris and Milan where tax breaks still offer a way to cut the cost of their purchases. With finance minister Jeremy Hunt set to present the government’s budget statement on Wednesday, the industry wants him to reinstate sales-tax-free shopping for overseas visitors, which ended in 2020 when Britain left the European Union. Big names including department stores Harrods and Harvey Nicho…

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