High-end shopping districts could benefit from duty-free shopping and the scrapping of the 45% tax band
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As shoppers descended on Oxford Street in London, in black cabs or on foot to visit the city’s high-end shops on Friday, a massive sign affixed to Selfridges towered overhead: “Let’s change the way we shop.”
The change, however, may be somewhat different than intended. Soon, the area could be beneficiary of two plans announced by the chancellor, Kwasi Kwarteng, on Friday: the return of duty-free shopping to the high street and the scrapping of the 45% income tax band.
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