Last week UK Chancellor George Osborne made an announcement in his yearly budget speech to Parliament that’s destined to impact wine drinkers across the land. The Ideal Wine Company asks; what does the budget mean for your favourite tipple?
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Here at the Ideal Wine Company we strive to bring you first-rate fine wines you’re bound to love from every corner of the wine-making world.
At the Ideal Wine Company we recognise that a large share of wine enthusiasts don’t have the budget to splash out on an overpriced vintage. Therefore we aim to bring you gorgeous bottles for prices you can actually afford. For example, right now we have a very good gift offer that allows you to clinch a stellar bottle of Dom Perignon Brut 1993 for only £180.
Government hasn’t reduced wine duty since 1984
Yet most people pay a hefty sum if they want a bottle of quality wine. That’s because the government charges a duty tax on every bottle of wine sold within the UK.
The UK has the second highest rate of wine duty in the EU. Furthermore wine duty hasn’t been slashed by any government since 1984; the height of the Thatcher era. Whilst the “escalator” system for alcohol duty taxation consigned to the annals of history last year, wine duty was increased with the rate of inflation.
Government freezes wine duty
However according to Decanter.com, the government has decided to change tack. In his yearly budget speech, Osborne announced that the government would freeze the duty tax on wine. Whilst the freeze has been welcomed, wine still performed worse than its other alcoholic counterparts in this year’s budget. Duty tax on pints was cut by a penny and cider duty was slashed by 1%.
On hearing the news Miles Beale, chief executive of the Wine & Spirit Trade Association (WSTA) said that he was “disappointed that the UK’s 30 million wine consumers did not receive a duty cut.” Yet he went on to say that the move was still a “first step towards supporting wine businesses that are looking to invest in the UK, create jobs and back British pubs.”
Invest in fine wines for affordable prices
So basically this announcement in the latest yearly budget means that your favourite tipple’s unlikely to get more expensive any time soon. However it isn’t going to get any cheaper either. That’s why you should invest in fine wines for affordable prices from the Ideal Wine Company if you’re looking for both quality and affordability.