According to a new report released by the Center for Economics and Business Research (CEBR) on January 30, the controversial "tourist tax" in the UK has resulted in a loss of £11 billion ($14.63 billion) in Gross Domestic Product (GDP) for the country. CEBR stated that it used tourist data released by the government last week to analyze the impact of canceling the VAT refund scheme and suggested that reinstating the program could have a "significant fiscal boost" to public finances, potentially yielding a net fiscal revenue of £2.5 billion ($3.33 billion). It's worth noting that as travel restrictions related to the pandemic are lifted, Chinese tourists are returning to London, but their spending remains significantly lower than pre-pandemic levels. Last year, 350 companies, including Marks & Spencer, Primark, and the British Fashion Council, jointly signed an open letter requesting the restoration of the VAT refund scheme.