Price of bottle of wine could rise by more than 50p due to ‘triple whammy’ of the falling pound, inflation and hike in excise duty
THE price of a bottle of wine could soar by more than 50p, industry experts have warned.
Chief executive of the Wine and Spirit Trade Association Miles Beale claims wine is facing a potential ‘triple whammy’ – with inflation, the Pound’s Brexit tumble and a further hike in excise duty all affecting the £20 billing industry.
Last week Mr Beale met with Economic Secretary Jane Ellison to push for a two per cent cut in duty on wine in next month’s Budget.
Without some intervention from ministers, retailers and consumers could be made to suffer the price rises, he warned.
Mr Beale said: “The potential triple hit is of serious concern. Some companies have already laid people off, jobs have gone and some have have a recruitment freeze.”
So far supermarkets have managed to keep wine prices down because most of their stock was bought before the referendum result.
Only last week Brits were told that by the end of this year, the weekly food shop will be £5 dearer because of the falling Pound and flooding in Spain.
But others suggest food and wine prices could be chopped as a result of post Brexit negotiation.
Members of Brexit campaign group Leave Means Leave say this may all change when Britain is free to trade with non-EU countries without paying a premium.
John Longworth said: “Britain will be able to secure free-trade deals with the rest of the world and get better prices for British families when they shop for food and drink, clothes, cars and electrical goods. The EU has been incompetent at securing free-trade deals with the rest of the world so Brexit offers a huge opportunity.”
February 26th, 2017: The Sun