Bad news for everyone in this country who loves drinking wine re: pretty much everyone, as it looks as if the price of a bottle is going to skyrocket following Brexit. At least there won’t be an immigrants anymore though, right?
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The increase in price is a result of the dramatic fall in value of the pound sterling, which has caused a serious and immediate impact on importers. Almost every single one of the 1.8 billion bottles of wine drunk yearly in the UK is imported and the Wine and Spirit Trade Association are saying that the price of wine imported from the EU will rise by 29p a bottle and the price of wine imported from outside the EU will rise by 22p a bottle.
That might not sound like it’s gonna break the bank, but with prices pretty much set to rise across the board then I’m pretty sure you’re going to be feeling the pinch fairly soon. Indeed, wine clubs such as Naked Wines are already informing their clients that their wines will be increased in price by 5% next month. That’s partly due to the fall in the value of the pound, but also down to increasing improving tariffs too.
Patrick McGrath, managing director of UK wine importers Hatch Mansfield, expanded upon this:
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.
In the immediate aftermath of the referendum, we were covered forward for foreign currency. However this ‘cushion’ has now run out.
This will mean that we will be forced to increase our selling prices.
There you have it – it’s also estimated that there’s going to be a 59% levy on beef, 38% on chocolate, 40% on New Zealand lamb and 14% on Chilean wine. Better start saving those pennies, otherwise you might not get to use the guzzle buddy in all its glory.