Stephen Gilbert has announced his first pledge for the 2015 General Election campaign: to fight for a cut (from 20% to 5%) on VAT for the tourism industry, a move which would boost St Austell & Newquay’s economy by £10.7million.
Stephen Gilbert has made it one of his top five election pledges and is working with the national Cut Tourism VAT Campaign to fight for the reduction.
Reducing VAT on tourism to 5% would not only make the UK more competitive with other destinations within Europe (as 25 of the 28 countries in the European Union already do), but would also increase the affordability and attractiveness of regional tourism hotspots like Cornwall and generate more investment for local businesses.
Based on independent research by Deloitte and Oxford Economics, the Cut Tourism VAT Campaign estimates that a 15 point reduction in VAT would mean extra jobs and a £10.7m economic boost for St Austell and Newquay. Nationally, cutting VAT would bring a £4 billion boost to the UK economy and create 120,000 jobs.
Stephen Gilbert said:
“A reduction of VAT on travel and tourism from 20% to 5% would make a huge difference to St Austell and Newquay, resulting in extra jobs and an additional £10.7m to the local economy. Since my election in 2010, I have made local job creation and investment my top priority. If I’m re-elected in May, I will continue to fight for this VAT cut in Parliament to bring more jobs and an economic boost to our area.”
Graham Wason, Chairman of the Cut Tourism VAT campaign, said:
“International competition for tourism is increasing while the UK’s share of the global tourism market is declining, and I am delighted that Stephen Gilbert MP is supporting our call for an urgent cut in tourism VAT which would boost the tourism industry and the wider economy in St Austell and Newquay.”