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14 February 2024

SWA comments on ONS January inflation figures

SWA comments on ONS January inflation figures
Read the Scotch Whisky Association's response to the latest ONS inflation figures for January 2024.

Commenting in reaction to today ONS inflation figures, which show that inflation remained at 4% in January, SWA Director of Strategy and Communications Graeme Littlejohn said:

“Stubborn inflation is the backdrop to a very challenging environment across the industry. Due to the 10.1 percent duty increase last summer, inflation is higher than it otherwise would have been and the tax hike has cost the Treasury more than £100 million in lost tax revenue. Stubborn inflation and lower revenue is the opposite of what the Chancellor wanted.

“By contrast, a cut in spirits duty in the March Budget is a win-win, boosting growth and incentivising investment. The Chancellor should use the Budget to bring down duty and support businesses and consumers.”