Hunt said in his opening comments of the Statement that the Treasury was about 'reducing taxes' and not 'big government', and putting downward pressure on inflation -- with predictions it will fall to 2.8% by the end of next year.
As a result, he has decided to freeze all alcohol duty until the Budget next year.
The UK Spirits Alliance (UKSA), which represents more than 280 small and independent distilleries, has warned that two thirds of its members will cut production volumes if no action to reduce alcohol duty is taken.
Wine and spirit businesses are calling on the chancellor to freeze alcohol duty until the end of parliament, when Jeremy Hunt delivers his Autumn Statement on 22 November.
More than 400 UK businesses have written to the chancellor asking for a duty freeze on alcohol in the autumn statement on 22 November.
There are fears that the government will increase alcohol duty yet again following the 10.1% increase for spirits in August.
Huge demand for new treatments such as Novo Nordisk's Wegovy has prompted questions about the implications for a range of industries, including brewers, and sparked share sell offs in companies involved in everything from food to healthcare.
Wine can now be sold in certain grocery stores in Vancouver, but the move is not being celebrated by everyone, reports local media outlet CityNews Vancouver.
Post-Brexit wine reforms announced by Defra yesterday will scrap EU regulations which outlaw the blending of imported wine in the UK market, and will give domestic producers more freedom to use hybrid grapes varieties.
Brewery product sales in Finland were down by 4.6 percent during July to September compared to the same period last year, according to figures from the Federation of the Brewing and Soft Drinks Industry lobby group.
The year-on-year volume showed volume sales of total alcohol in the 4 weeks to 1 October remained relatively flat compared to the same period last year, rising only 0.3% however the split between the sub-categories showed shifting movement between different categories of drinks from the same period in the previous year.
IWSR reporting reveals the Australian and global wine industry faces the ongoing challenges of declining volumes but, on the bright side, continues to experience premiumization, growth in e-commerce, and evolving wine consumer preferences. Adapting to these trends and economic uncertainties will be crucial for wine producers and retailers in 2024 and beyond.
