Leisure Management reports:
In the wake of a new report which says cutting the value added tax VAT rate on visitor accommodation and attractions would massively boost the UK’s tourism economy, Merlin CEO Nick Varney has said that the current VAT rate is at present a “disadvantage” to British tourism.
The Nevin report, commissioned by the Cut Tourism VAT Campaign, says that a VAT reduction from 20 per cent to five per cent for tourism businesses would provide a £4bn US$6.7bn, €5bn boost to the UK economy, create 120,000 jobs and put the UK back on a level footing with European tourism rivals.
The Cut Tourism VAT Campaign has been gathering steady momentum in recent months. A February debate on the matter at the Houses of Parliament saw a number of MPs speak out in favour of the cut, while the campaign has received substantial national newspaper coverage, with Britain’s best-selling daily newspaper The Sun offering strong support. The Nevin report is due to be submitted to the government this week and Merlin Entertainments CEO Nick Varney appeared on BBC Radio 4’s Today programme this morning 30 July to reiterate the case.
Read the rest of the article at: Leisure Management – VAT rate puts British tourism at disadvantage says Merlin’s Nick Varney….