Troubling times ahead for the drinks industry with Chancellor Jeremy Hunt set to deliver the Autumn Statement tomorrow. As we gear up for the big reveal, here’s a quick guide on what to watch out for:
Usually kicks off after PMQs, so keep those eyes glued to the screen around 12.30pm.
Don’t worry about missing a beat – a summary of the key points will hit your inbox right after we’ve got the facts.
With the historic duty increase in August and the introduction of the new duty system, will there be more to worry about for our sector? The pre-statement rumours have done 180 and back again, and we’re asking the crucial questions: How much will rates increase and when will they come into force? Stay tuned for updates and our CEO Miles’s insights!
The OBR’s outlook and its impact on the Government’s policy approach are key. Tax cuts, debt reduction, domestic energy, business support, and education are on the PM’s agenda. Keep an eye on inflation, down to 4.6% in October (CPI) – how will the Government capitalise on this, and what’s the plan to hit the 2% target? Duty calculations use an RPI figure, although it remains unclear what combination of recent rates (8.9% in September and 6.1% October) or OBR forecasts the Treasury will use to crunch the numbers. Labour’s response might add an interesting twist this year as the so-called “Government in waiting”
All the Other Stuff
While alcohol excise duty is top of mind, our advocacy extends to VAT, business rates, fuel duty, export and trade policies, sustainability and green initiatives, and tech investments. There’s a lot in the mix, and we’ll be watching closely.
Stay tuned for the post-statement breakdown, and let the discussions begin!
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