WSTA warns of Brexit pain as wine prices rise further
The average price of a bottle of wine in the UK rose to £ 5.58 between the Chancellor’s Budget in March and 17 June 2017, up 4% on the previous year.
So said the latest statement from the Wine and Spirit Trade Association ( WSTA), which coincided with Parliament’s first reading of a Brexit ‘divorce’ bill that would transfer EU rules into UK law.
Average wine prices had passed the £ 5.50 mark for the first time in the final three months of 2016, the trade body said.
While there may be no immediate impact for drinkers of premium and fine wines, the WSTA warned that the industry is facing price pressures in the autumn. ‘ For the first time we can see how prices have been affected by the triple whammy resulting from Brexit’s impact on the pound, rising inflation and the 3.9% inflationary duty rise on alcohol imposed by the Chancellor at his Budget in March,’ said the WSTA. ‘ The pain doesn’t end here,’ said WSTA chief executive Miles Beale. ‘The autumn Budget is set to see alcohol duty rise by inflation once again,’ he added, calling for a ‘ time out’ on tax rises. The WSTA has committed to working with Government to achieve the best possible deal in Brexit negotiations.