Pub shares soar after Chancellor announces ‘draught relief’ on beer and cider
UK pub chains shares have increased , after Chancellor Rishi Sunak announced lower duty rates on draught beer and cider in this afternoon’s budget announcement.
JD Wetherspoons has soared by 5.5%, while Mitchells & Butlers have rose by 4%.
Tax will be cut by 5% on drinks served from draught containers over 40 litres, reducing the pint price by 3p.
However rising overall prices could mean this rule change has little to no impact.
Just last week the chief executive of the Food and Drink Federation Ian Wright, told the House of Commons business, energy and industrial strategy committee that forecasts for inflation in the hospitality industry are “currently running somewhere between 14% and 18%. That is terrifying”.
