The expense of eating, shopping, and getting about the city is higher than comparable areas.
This week ought to have been a time of celebration at the opulent Indian restaurant Benares in Mayfair.
The Michelin plaque has just come, boasts Sameer Taneja. The executive chef, who is recognised as one of London's most fascinating culinary figures, has now successfully retained the distinction of one Michelin Star twice.
However, Taneja is thinking about other things. "The owner is having to take a hit on some of our dishes," he acknowledges.
Benares is not exempt from rising food prices, just like other upscale eateries. Taneja has been reluctant to raise costs because it worries some clients would stop visiting entirely.
Those efforts can end up being in vain.
"It does make me concerned when I hear that foreign visitors are leaving Europe due to policies like the tourist tax," Taneja says. We had high hopes that we would have a lovely summer.
He is now less certain.
As measures start to reduce demand for travel to the UK capital, restaurants and stores throughout London are beginning to experience the same strain.
Cities around Europe are attracting ever-growing audiences.
In France, where there has been a greater recovery, visitor numbers to Paris are only 13% below where they were in 2019. In contrast, the number of visitors visiting Britain decreased by almost a quarter last year.
This summer, nations like Italy, Spain, and Portugal are expected to generate record numbers of tourist dollars.
It is not surprising, according to Martin Williams, chief executive of M Restaurants, which operates the Gaucho franchise, that places like Paris and Milan appear to be "infinitely more attractive and affordable" to visitors.
Industry leaders have been pleading with the government to reinstate VAT-free shopping for foreign visitors for months.
When the UK left the European Union, ministers eliminated the benefit, arguing it would only have a little impact on spending and save the Treasury £2 billion annually.
However, many people who depend on tourist-generated money claim the action was an own goal.
According to data provider Global Blue, US tourists' spending in France and Spain has increased by more than three times so far this year compared to the same period in 2019. Only 1% more was spent in Britain during that time.
The causes are simple to comprehend.
Visitors to Paris, where purchases made by foreign tourists are still exempt from VAT, can save thousands of dollars on jewellery or hundreds of dollars on a new Gucci or Yves Saint Laurent handbag. Many people are choosing to do just that.
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