Great Portland Estates (LSE:GPOR)’ chief executive has become the latest to slam the government’s stance on the tourist tax.
Toby Courtauld said in the Standard that footfall has improved across its West End properties but still isn’t back to pre-pandemic levels.
GPE is best known for offices in the West End, but it also has several retail sites, including Bond Street.
Bosses of retail businesses, including fashion house Burberry and Rolex seller Watches of Switzerland, have highlighted concerns about the impact on retail following the government’s abolishment of VAT-free shopping when Britain left the EU.
“Anything that can help remove the barriers to trade we should be considering. We would absolutely support the reinstatement of tax-free shopping. It may well lead to a higher tax take for the Treasury through higher economic activity,” Courtauld told the Evening Standard.
The property and development company saw the value of its total estate drop 6.6% to £2.4bn in the year to 31 March, impacted by higher interest rates.