Connect with us

Published

on

Wine and gin drinkers will have to shell out more from today as alcohol taxes rise.

The shake-up aims to encourage drinkers to cut back by taxing all alcohol based on its strength, rather than the previous categories of wine, beer, spirits and ciders.

The increase will see duty rise by 44p on a bottle of wine – something announced a few months ago in the budget.

When combined with VAT, the real increase per bottle will be 53p, the Wine and Spirit Trade Association (WSTA) said.

Cost of living – latest: Scale of housing market downturn

There was also an increase in drinking

Chancellor Jeremy Hunt said in March that a freeze on alcohol duty would end on 1 August and increase in line with the Retail Price Index measure of inflation, which was 10.7% last month.

All types of tipple are therefore affected.

Duty on an 18% cream sherry will go up from £2.98 to £3.85.

Combined with VAT, it adds up to an increase of more than £1 a bottle, while a bottle of port will go up by more than £1.50.

The total tax on a bottle of gin or vodka will rise by about 90p.

For beer drinkers, Mr Hunt is cutting the duty on draught pints across the UK by 11p.

It is seen as a measure designed to boost pubs, many of which have been closing.

Prime Minister Rishi Sunak hailed the move as beneficial to “thousands of businesses across the country”.

However, the British Beer and Pub Association said brewers will pay 10.1% more tax on bottles and cans of beer from Tuesday.

It means duty will make up about 30% of the cost of a 500ml bottle.

Scotch Whisky Association director of strategy Graeme Littlejohn described the 10.1% duty increase as a “hammer blow for distillers and consumers”.

He warned: “Pubs and other on-trade businesses are about far more than beer and cider.”

Read more:
Food price inflation slows to lowest level this year
Consumer borrowing hits five-year high

The Treasury has said that more than 38,000 UK pubs will benefit from tax relief that effectively freezes or cuts the alcohol duty on beer poured from tap from Tuesday.

Mr Hunt said: “British pubs are the beating heart of our communities and as they face rising costs, we’re doing all we can to help them out. Through our Brexit Pubs Guarantee, we’re protecting the price of a pint.

“The changes we’re making to the way we tax alcohol catapults us into the 21st century, reflecting the popularity of low alcohol drinks and boosting growth in the sector by supporting small producers financially.”

Continue Reading

Politics

Bitcoin’s ‘biggest bull catalyst’ may be the next Fed chair pick: Novogratz

Published

on

By

Bitcoin’s ‘biggest bull catalyst’ may be the next Fed chair pick: Novogratz

Bitcoin’s ‘biggest bull catalyst’ may be the next Fed chair pick: Novogratz

Mike Novogratz said “of course” Bitcoin could reach $200,000 if the Federal Reserve adopts a highly dovish stance following a leadership change.

Continue Reading

Politics

Sir Keir Starmer says next election will be ‘open fight’ between Labour and Reform

Published

on

By

Sir Keir Starmer says next election will be 'open fight' between Labour and Reform

Sir Keir Starmer has said the next election will be an “open fight” between Labour and Reform UK.

The prime minister, speaking at a conference alongside the leaders of Canada, Australia and Iceland, said the UK is “at a crossroads”.

“There’s a battle for the soul of this country, now, as to what sort of country do we want to be?” he said.

“Because that toxic divide, that decline with Reform, it’s built on a sense of grievance.”

It is the first time Sir Keir has explicitly said the next election would be a straight fight between his party and Reform – and comes the day before the Labour conference begins.

Just hours before, after Sky News revealed Nigel Farage is on course to replace him, as a seat-by-seat YouGov poll found an election held tomorrow would result in a hung parliament, with Reform winning 311 seats – just 15 short of the 326 needed to win overall.

Once the Speaker, whose seat is unopposed, and Sinn Fein MPs, who do not sit in parliament, are accounted for, no other party would be able to secure more MPs, so Reform would lead the government.

More on Reform Uk

Please use Chrome browser for a more accessible video player

YouGov: Farage set to be next PM

Sir Keir said there is a “right-wing proposition” the UK has not had before, as it has been decades of either a Labour or Tory government, “pitched usually pretty much on the centrepiece of politics, the centre ground of politics”.

The PM said Reform and its leader, Mr Farage, provide a “very different proposition” of “patriotic national renewal” under Labour and a “toxic divide”.

He described his Labour government of being “capable of expressing who and what we are as a country accurately and in a way where people feel they’re valued and they belong, and that we can actually move forward together”.

Sir Keir referenced a march down Whitehall two weeks ago, organised by Tommy Robinson, as having “sent shivers through the spines of many communities well away from London”.

Elon Musk appeared via videolink at the rally and said “violence is coming to you”, prompting accusations of inciting violence.

Read more:
Starmer reveals digital ID plan
Davey warns Farage wants to turn Britain into ‘Trump’s America’

The PM said Reform presents a 'toxic divide
Image:
The PM said Reform presents a ‘toxic divide

The prime minister said the choice for voters at the next election, set to be in 2029, “is not going to be the traditional Labour versus Conservative”.

“It’s why I’ve said the Conservative Party is dead,” he added.

“Centre-right parties in many European countries have withered on the vine and the same is happening in this country.”

Reacting to Sir Keir’s comments, a Reform UK spokesman said: “For decades, the British people have been betrayed by both Labour and the Conservatives.

“People have voted election after election for lower taxes and controlled immigration, instead, both parties have done the opposite.

“The public are now waking up to the fact Starmer is just continuing the Tory legacy of high taxes and mass immigration.”

Continue Reading

Politics

Stablecoin boom risks ‘cryptoization’ as fragmented rules leave economies exposed — Moody’s

Published

on

By

Stablecoin boom risks ‘cryptoization’ as fragmented rules leave economies exposed — Moody’s

Stablecoin boom risks ‘cryptoization’ as fragmented rules leave economies exposed — Moody’s

Moody’s warns “cryptoization” is undermining monetary policy and bank deposits in emerging markets amid uneven regulatory oversight.

Continue Reading

Trending