| The UK wine and spirits industry is 'deeply disappointed' by the UK chancellor's plans to raise duty tax on wine, announced in his 2007 Budget Speech last week, reports beveragedaily.com
Tax on sparkling wine will rise by seven pence per bottle, and five pence per bottle on still wine, chancellor Gordon Brown said.
The move sparked uproar in the drinks industry, which has complained UK tax on wine is already high and that the rise may hit incomes in a market where margins are increasingly tight.
Sparkling accounts for 15 per cent of the UK 's young wine sector, and various producers have won international awards, beating off established rivals from top wine countries.
Some producers from France 's famed Champagne region have also looked to set up in southern England over the last couple of years, claiming the land is cheaper but very similar to their French homelands.
Constellation Brands, the multinational wine group that owns Hardys and Stowells wines, has repeatedly warned that tough pricing in the UK wine market would hit its earnings this year.
Details at http://www.beveragedaily.com |
