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

Santander tightens hybrid working rules, urging staff back...

September 8, 2024

Supply fears as China lockdown hits world’s largest...

November 2, 2022

Rising Threat of ‘Hackers for Hire’: How End-to-End...

August 9, 2023

Trump’s steel tariffs put £2.7bn of UK exports...

March 24, 2025

SUI surges as Bitcoin, Ethereum, and XRP stay...

October 14, 2024

How to Maximize Your Wins with UFABET 100

November 29, 2023

ASOS sells majority stake in Topshop and Topman...

September 5, 2024

Blockchain and the Complexities of Data Ownership

July 17, 2023

Is it last orders for the UK craft...

May 26, 2025

3 Tips for Gaining an Edge in Competitive...

July 18, 2024

    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

    • 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
    • House witness flips script on Dem who ambushed him during hearing with unearthed tweet: ‘Iceberg is ahead’

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,570)
    • 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