Britain’s Chancellor of the Exchequer Jeremy Hunt today announced a freeze on any increase in alcohol taxes until February 2025. The announcement was met with mixed reviews as many in the alcohol industry have been pushing for a reduction in taxes.
The freeze in duty was due to end in August but has been extended to February next year.
British Beer & Pub Association CEO Emma McClarkin wrote in the Evening Standard prior to today’s announcement: “Between massive business rates and VAT on pubs and previous, historic rises in beer duty, our pubs and breweries carry an unthinkable tax burden. Yet more closures are inevitable if this doesn’t change soon,” according to the Drinks Business.
“That’s why we’re asking the Chancellor permanently to lower the VAT rate for pubs and the punitive business rates,” McClarkin continued. “Many pubs in London are facing further increases of 6.7 per cent to their rates this April — and very few of them can afford it. We’re also backing a five per cent cut to the headline rate of duty on beer.”
More on the story here.