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Spirits duty cut in the budget would boost the economy, report says

    A report by the Centre for Policy Studies identifies the alcohol duty on spirits as a key levy that the Government can cut to "help family finances."

    Currently, drinkers can pay more than £10 in alcohol duty and VAT on a £14 bottle of spirit, and charities are lobbying for the tax to be increased further, on health grounds.

    Nick King, the Centre for Policy Studies' Head of Business said: "We will show that tax cuts don’t necessarily mean a loss of revenue for the Treasury.

    "When spirits duty was frozen in November 2017, and again the following year, revenues rose significantly.

    "The knock-on benefits of increasing exports, investment and customer satisfaction are great examples of the incredible impact a cut in spirits duty could have.

    "The government should seriously examine the potential for a cut in spirits duty as part of the forthcoming alcohol duty review. In the meantime, the duty should – at the very least – continue to be frozen.” The CPS report follows research carried out with the UK Spirits Alliance, an industry body.

     

    Read the full Telegraph article here

    Date added: Saturday 22nd February 2020