Wine is about to get more expensive, and it’s all because Britain voted to leave the EU.
Great job, Brexiteers.
We knew that the cost of living will go up as a result of the post-Brexit demise of the pound, but now wine industry bosses have confirmed our worst fears.
The price of your trusty bottle of red or white will go up by an average of 29p, with the fall in the value of Sterling having a ‘serious and immediate impact’ for importers.
It’s not just wine from Europe that will get more pricey, because bottles imported from outside the EU will also go up by an average of 22p, the Wine and Spirit Trade Association said.
This is nothing short of a disaster (Picture: Getty)
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 £17.3 billion 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.
‘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.’
And if you reckon we can rely on home-grown wine, think again – 99% of bottles drunk in the UK are imported.
Wine club Naked Wines has warned its members that it will be increasing the prices on half of its wines by about 5% next month, because the pound has ‘steadily plummeted and duty has gone up (again), meaning the cost of wine has crept up’.
WSTA said the cost of importing EU wine could go up by £225 million a year, directly as a result of the pound’s struggles, while the cost of importing wine from outside the EU could go up by £188 million a year.
Patrick McGrath, managing director of UK wine importers Hatch Mansfield, said: ‘It is not well understood that the UK is the global hub of the international wine trade. The fall in the value of Sterling is having a serious and immediate impact on importers.
‘While currency fluctuations are an accepted risk for importers, three months on there appears to be little prospect of a return to pre-referendum values.’