Kudos to him! Kwarteng produced the barrels and SCRAPS increased alcohol duty for drinkers, saving drinkers 7p on a pint of beer and £1.35 on a bottle of wine.

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The Chancellor gave drinkers a boost today by announcing that alcohol duty increases will be scrapped as part of a budget packed with £45 billion worth of tax cuts.

The Treasury claimed the freeze would save £600 million and equate to 7p on a pint of beer, 4p on a pint of cider, 38p on a bottle of wine and £1.35 on a bottle of spirits.

Former chancellor Rishi Singh announced in February that he would tax drinks based on their alcohol strength, which experts warned could cost drinkers up to £300 million extra.

Kwasi Kwarting said today: "Our drive to modernize also extends to liquor duty.

Kwasi Kwarteng said today: ‘Our drive to modernize extends to alcohol duty’.

At a glance: What did the Chancellor announce?

The 45p tax rate paid by those earning more than £150,000 has been scrapped from April next year.

Cost per year: £2 billion

The 1p cut in the basic rate of income tax was brought forward by a year to April 2023.

Cost per year: £5 billion

No stamp duty will be payable on property purchases up to £250,000 for first-time buyers and up to £425,000.

Cost per year: £1.5 billion

Re-introduction of VAT free shopping for foreign tourists

Cost per year: £2 billion

The increase in National Insurance Contribution will be canceled from November 6.

Cost per year: £15 billion

The cancellation of next year’s planned rise in corporation tax will therefore keep the levy at 19 per cent.

Cost per year: £18 billion

Businesses based in 38 new ‘investment zones’ will benefit from tax cuts and the abolition of planning rules.

Cost per year: Not specified.

Abolition of bankers’ bonus cap to promote Citi

Cost per year: Nil

Total cost per year with other measures: £45 billion

His replacement, Kwasi Kwarteng, said today: ‘Our drive to modernize extends to liquor duty. I have heard the concerns of the industry about the ongoing reforms. I will therefore propose an interim measure of 18 months for wine duty.

‘I will also extend draft relief to cover smaller kegs of 20 liters and above, to help smaller breweries. And, in these difficult times, we will not allow alcohol duty rates to rise in line with RPI.

‘I can therefore announce that the planned increases in duty rates for beer, cider, wine and spirits will all be cancelled.’

Today, Wetherspoon boss Tim Martin raised a glass to the move but warned it did not go far enough.

He told MailOnline: ‘The alcohol duty freeze is welcome but the real problem for pubs is that they pay a higher business rate per pint than supermarkets and, on top of that, 20% VAT on pub food sales. pay and supermarkets pay nothing.

‘As long as this inequality persists, pubs will decline and supermarkets will flourish.’

The duty freeze includes the cancellation of next year’s planned rise in corporation tax so the levy will remain at 19 per cent.

Sacha Lord, night-time economy adviser for Greater Manchester, said she was ‘speechless’ about the lack of support for hospitality.

‘There is no VAT or Biz rate support for hospitality. Corporation tax cuts are completely useless if businesses are not making a profit, or worse, are closed,’ he said.

‘These announcements will now mean last orders for thousands of hospitality businesses, meaning massive redundancies.

‘I am quite clear. This government is only about big business, corporations and fat cats.

‘They have just sent a strong message to the hospitality industry: they don’t care. They’ve just turned the small family business over to the wolves.’

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