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What’s next for the alcohol industry after next week’s general election? Whisky 1901 Director comments

28/06/2024

Comment from Ryan Fazackerley, Director of Sales at Whisky 1901:

“With the UK election coming next week, it is time for the alcohol industry to come together to call for the next UK government to reverse the damage done in the recent Autumn and Spring budget announcements. Since the highest alcohol tax raise in 40 years was announced in August, the UK Treasury has lost more than £108 million in revenue from alcohol. This increase saw the UK alcohol duty rise to the highest in the G7 with almost 75% of the cost of a bottle scotch being claimed for alcohol tax.

“It is clear that these tax raises are damaging the UK’s spirits industry, which accounts for a third of alcohol sales in restaurants and pubs within the UK. The current system is damaging the UK economy and setting us behind our European peers.

“We are calling for the next UK government to reverse this damage before it is too late. The UK spirits taxation must align with the average European duty tax for UK businesses to build back up after these disastrous taxation raises. With producers and retailers already battling high inflation costs and increasing supply chain charges, more needs to be done to support the spirits industry, particularly with potential new regional changes set to appear in Scotland this year. After already having stricter alcohol laws in Scotland, the impending rise of minimum unit pricing to 65p from September will put further pressure on an already strained whisky and spirits industry.

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“Rising taxes and alcohol laws don’t just affect producers or consumers of the spirit, but also impact the growing cask investment market – those wishing to explore alternatives to traditional savings accounts and stocks and shares.”

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