Since the Coronavirus pandemic hit the UK, the economy has taken a nosedive and with the Chancellor, Rishi Sunak, warning of a ‘significant recession’, the Government will be looking at ways of boosting the economy.
Business intelligence publisher, Martin Moodie (The Moodie Davitt Report) has shared his latest ‘outside the box’ thinking in a report titled What if Boris Johnson introduced Offshore Duty Free to the UK?
Follow in China’s footsteps?
In the report, Martin suggests the Prime Minister, Boris Johnson, could follow in the footsteps of China and launch “a UK equivalent of China’s booming ‘offshore duty free’ shopping policy”.
The offshore duty free policy was unveiled in April 2011 on the island of Hainan which has since become home to the world’s largest duty free complex. Martin explains in his article that “Sanya International Duty Free City has become the locomotive driving the strong and sustained development of Hainan tourism of recent years”.
Duty free shopping zone in Cowes?
He goes on to suggest that the UK Government could bestow the same status on the Isle of Wight by fast-tracking new legislation designating the Isle of Wight a special duty free shopping zone.
The report’s artist impression of what the new store – based in Cowes – could look like includes palm trees (which we have plenty of) and skyscrapers (of which we have none).
What do you think? Is it a good idea that could happen, or just blue sky thinking?