I always thought that Chancellors were supposed to make the most of cuts whilst glossing over rises. Instead, George Osborne, managed to get a tax cut recognised at a quarter of its value.
We will now scrap the beer duty escalator altogether.
And instead of the 3p rise in beer duty tax planned for this year I am cancelling it altogether.
That’s the freeze people have been campaigning for.
But I’m going to go one step further and I am going to cut beer duty by 1p.
We’re taking a penny off a pint.
It’s actually a 4p reduction on what it was supposed to be.
But, if you want to read a better idea of what this cut might mean to the brewing industry, including saving 5,000 jobs this year alone, have a read of The Beer Story from the British Beer and Pub Association which is probably a far better summary than you’ll get from elsewhere.