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Brexit might affect the price of your wine

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With the pound falling, the cost of living is widely expected to rise and is already causing concern in tech, cars and – if you haven't seen the rolling news reports – beloved yeast-based spread Marmite (not to mention houses in Denmark, just in case that famed Danish lifestyle was looking more appealing).

Now we’re being warned that the financial consequences of Brexit may well hit another area close to our hearts: wine.

Ahead of November’s autumn statement, the Wine and Spirit Trade Association (WSTA) has said that there’s been an “immediate and serious impact”, potentially resulting in an increase of 29p per bottle from the EU, and 22p a bottle from other areas.


Read more: 10 of the best English wines


WSTA chief executive, Miles Beale, said: “We should be under no illusions that wine prices are likely to increase, which in the current climate could lead to a bottle of wine going up by 29p.

“This is of grave concern to the wine industry and it is vital that Government come out in support of the trade which generates £17.3bn in economic activity.

“We are just weeks away from the autumn statement. Any increase in duty, on top of the post-Brexit Sterling devaluation, would have dire consequences on Britain’s wine trade.”

sideways

Nooooooooooooo

He added: “It is not only consumers who will feel the impact of price rises, but also by more than a quarter of million employees in the world leading UK wine industry.”

WSTA state that the cost of importing EU wine could go up £225 million per year, while the cost of importing wine from outside the EU could up by £188 million.


Read more: Nine of the world's best cocktail bars are in London


The WSTA’s press release explicitly asks that the upcoming statement does not include a hike on duty: “The wine industry is bracing itself for a tough time ahead and asks for Government support by way of not raising duty and inflicting more damage at the next budget.”

Time to get acquainted with home brew?

Images: iStock / Rex Features

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