Despite widespread rumours to the contrary, Wednesday brought the news that the UK is to escape another tax hike that would have meant that the government's share of the price of any bottle would have risen by nearly a third since July.
Despite many companies pulling out of Russia since the invasion of Ukraine, wine imports have risen. Increased duty rates on wines from 'unfriendly countries' are, however, now likely to have a radical impact on the range of wines on offer. Sergey Panov reports.
In the 1980s and 1990s, the United Kingdom was the world’s most valuable and influential export market for wine. Largely as a result of increased competition from other countries, more recently exacerbated by Brexit, it has lost that role. A new tax regime will make it even less attractive to exporters. Robert Joseph reports.
Britain is one of the three most important wine markets in the world — but its finance minister has just savagely raised the tax on wine and spirits. Robert Joseph considers the likely impact on the UK’s position as a target for exporters.
The United Kingdom has one of the highest tax regimes on alcohol in the world. It was feared that a new regime to be applied next February would have made matters even worse, while introducing unworkable impracticality into the UK trade. Those threats have been lifted. For the moment.