CITY WHISPERS: Rishi’s tourist tax is a thing of the past, baby

British Fashion Council chairman David Pemsel wasted no time in reviving the campaign to scrap the tourist tax now that there is a new government.

Rishi Sunak scrapped VAT-free shopping as Chancellor of the Exchequer and, to the bemusement of some Tory MPs, refused to budge on the issue as Prime Minister.

Pemsel drew the attention of new Business Secretary Jonathan Reynolds to the tax in a speech last week.

Retail leaders Reynolds met are rumored to have mentioned it as well.

Reynolds will not be making the decision. Everything to do with tax is the responsibility of the Treasury. But he could be a powerful advocate for businesses that felt marginalised by Sunak.

There is ample evidence that removing the tax would boost the economy, as wealthy tourists also spend heavily on restaurants, hotels and entertainment.

The BFC says it hopes to discuss the issue with ministers soon.

It seems Reynolds hasn’t heard the last of it.

Former BT boss can afford to spend a lot of money

Former BT boss Gavin Patterson can afford to spend big this weekend after selling almost £1m worth of shares in consultancy Elixirr to his employee benefit trust.

Patterson, 56, has been the company’s chairman since 2019. He still owns £2.3m worth of Elixirr shares, as well as receiving fees for an impressive array of other directorships at companies including Ocado, Kahoot and Kraken. Good job if you can get it.

Turbulent week for UK mining

It was a turbulent week for UK mining. The future of Whitehaven was thrown into question when the new government declared that the Cumbrian coal mine should not have been granted planning permission by Michael Gove in 2022.

It is unclear whether environmental activists will now need to launch a legal challenge.

But a surge in tin prices made Cornish Metals’ plan to revive the South Crofty mine look like a better idea.

Prices for tin, which is used in solar panels and has been called the “forgotten soldier” of the energy transition, are on the rise as reserves have dwindled.

Perhaps mining here is now looking to the future, rather than the past.

Cats a little thinner

As regular readers will know, The Mail on Sunday keeps a close eye on the City’s bigwigs.

But this week there are two slightly slimmer cats: DS Smith’s Miles Roberts and Moonpig’s Nickyl Raithatha.

Roberts took home £1.3m last year, his lowest pay in 13 years at the helm of the packaging giant, after bonus targets were missed. At greetings card group Moonpig, Raithatha also took home £1.3m.

But that was down from more than £6.7m a year earlier, boosted by a one-off payment linked to Moonpig’s IPO.

Oh.

Contributor: Emily Hawkins