Why is the price of wine and spirits is going up in the UK?
Why is the price of wine and spirits is going up in the UK?
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Some alcoholic drinks are set to become more expensive from the beginning of February as part of a tax hike. Wine and spirits are set to notably jump in price after the end of the month, which might be an incentive for some who practiced Dry January to keep sober for a little longer.
It is a sign of a continuation of a tumultuous few years for the alcohol industry since former chancellor Rishi Sunak took revolutionary steps in his 2021 budget. Industry insiders have now called on the government for support. Wine and Spirit Trade Association boss Miles Beale said: “The Government continues to claim that the tax hikes are part of their big plan to plug the black hole in the public finances, but a series of record-breaking tax levies are doing the exact opposite.
“There are no winners under the UK’s punishing alcohol tax regime – higher duty rates mean people buy less which results in reduced income to the Exchequer, businesses are being squeezed and consumers have to pay more.”. Here is what we know about the issue.
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The price of some alcoholic drinks will rise from February 1 when higher tax rates kick in. From Saturday, an inflation-linked 3.6 per cent increase in duties will come into effect as well as a new system taxing wine by strength. This will mean duty on a bottle of gin will go up by 32p, and for stronger wine, with 14.5 per cent abv, it will rise by 54p.
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