Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Jeremy Hunt extends alcohol duty freeze until August

by December 20, 2022
December 20, 2022
Jeremy Hunt extends alcohol duty freeze until August

Planned hikes in alcohol duty have been put off until August, afterJeremy Hunt decided to extend the current freeze a further six months.

The chancellor was due to increase duty on beer, wine, cider and spirits by the annual increase in RPI on 1 February.

This would have meant an average increase of 7p for a pint of beer, 38p for a bottle of wine and £1.30 for a bottle of spirits.

Junior Treasury minister James Cartlidge today announced the six-month freeze in an attempt to “provide certainty and reassure pubs, distilleries, and breweries as they face a challenging period ahead”.

It comes as the Treasury today announced that the spring Budget will be on 15 March, with the chancellor set to reform how alcohol duty is calculated in the statement.

“The alcohol sector is vital to our country’s social fabric and supports thousands of jobs – we have listened to pubs, breweries and industry reps concerned about their future as they get ready for the new, simpler, alcohol tax system taking effect from August,” Cartlidge told MPs.

Emma McClarkin, chief executive of the British Beer and Pub Association said that this freeze “will allow £180million to be reinvested into our sector”.

“Investment in our sector now will pay dividends in villages, towns and cities across the country for generations to come,” she said.

“Pubs and brewers are a crucial thread in the social fabric of our society and contribute not only economically but socially, connecting people in communities up and down the country.”

The Night Time Industries Association welcomed the move, but said the government must “recognise the full extent of the problem, and consider further support in the coming months for many businesses to survive”.

“The alcohol duty freeze will give businesses some breathing space but will not repair the damage already done or solve the immediate challenges faced by the sector following three years of disruption,” they said.

Former chancellor Kwasi Kwarteng said in his catastrophic mini-Budget that he would freeze alcohol duty, however Hunt rowed back on this during his autumn fiscal statement.

The increase would have come after nearly three very challenging years for the hospitality industry thanks to Covid, inflation and the current economic downturn.

Many pubs and restaurants have also suffered from the effects of widespread strike action this month, with the hospitality sector expected to lose millions due to the drop in footfall.

Read more:
Jeremy Hunt extends alcohol duty freeze until August

0
FacebookTwitterGoogle +Pinterest
previous post
Manufacturing fall is fastest since pandemic, CBI survey shows
next post
AIB invests €8.5 million in solar developer and operator BNRG

You may also like

New sick pay rules risk dismissals as businesses...

December 9, 2024

Why More Businesses Are Turning to CTO as...

March 26, 2025

Key UK mortgage rate passes 4% for the...

August 23, 2022

Examining the Best NFT Markets to Prepare for...

December 30, 2023

Teesside stainless steel firm grows business with £26M...

September 28, 2023

UK Business Leaders declare AI as a Force...

July 19, 2023

Building a Resilient Company Culture: Lessons from Tatiana...

March 19, 2024

Klarna hits 11 million UK customers as 2024...

May 2, 2025

Twitter traffic sinks in wake of changes and...

July 10, 2023

HMRC blocks over 100 million malicious emails in...

April 10, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump ally stands firm against ‘big, beautiful bill’ despite pressure: ‘It’ll completely backfire’

      June 8, 2025
    • Rubio condemns assassination attempt on Colombian presidential candidate Miguel Uribe

      June 8, 2025
    • Obama WH physician says Biden doc should have performed cognitive test

      June 8, 2025
    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,571)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved