It’s time to reduce the tourist tax, says Swiss Watches boss

Rolex seller Watches of Switzerland said UK businesses are still affected by the tourist tax.

The company, which also owns the Goldsmiths and Mayors chains, lamented the “minimal return on tourist spending due to the lack of VAT-free purchases.”

The tax exemption was removed in 2021, affecting demand for expensive goods. Watches boss Brian Duffy said he hopes compelling evidence will force ministers to back down.

Burberry boss Jonathan Akeroyd has said London is “really losing out to Paris and Milan”.

Watches recorded a 4 per cent rise in revenue to £380m during the quarter to April 30. Full year revenue rose 2 per cent to £1.5bn.