Be prepared to pay more for your favourite wines this year. There is a general shortage of popular wines including burgundy and sauvignon blanc. Wine and champagne could rocket in price.
The French agricultural ministry warned that 2021 was the worst harvest for forty five years due to vineyards being hit by frost and disease. Harsh weather also hit vineyards in Spain and Italy. The retail sector including supermarkets, off-licences and wine shops together with restaurants are all experiencing supply issues. The Brexit factor is also having an effect.
Long term there will be a hike in duty for wines over 11.5% abv. If you take a selection of ten popular brands of red & white wine sold in supermarkets over 11.5% abv, the average increase in duty would be 50p. Due to come into place in 2023, research by Wine Drinkers UK (WDUK) found that 95% of popular wines will be subject to an increase in duty. John O’Connell who is the CEO
of the TaxPayers’ Alliance stated ‘simplifying duties is no bad thing but hiking taxes on our favourite wines will leave families – short changed’.
