After a tumultuous week, Jeremy Hunt has reversed most of the recent mini-budget initiatives in the UK including a freeze on alcohol duties and VAT-free shopping for visitors.
In what's been described as possibly the biggest U-turn in British economics history, the new UK Chancellor has reversed nearly all tax measures set out in the mini-budget just three weeks ago.
Among the plans to hit the scrapheap are freezing of alcohol duty rates for one year from 1 February 2023. Not proceeding with the freeze is worth approximately £600 million a year, the UK government said in a statement.
Chancellor Jeremy Hunt has also reversed plans to reintroduce a VAT-free shopping scheme for international visitors to Great Britain.
The CEO of British Beer & Pub Association, Emma McClarkin, labelled the U-turn on halting duty increases, which cover wine, beer, cider and spirits, as a huge blow to brewers and pubs.
"The freeze would have delivered a £300 million saving to our industry at a critical time when we desperately need any relief to help us survive and recover," she said in a tweet.
Meanwhile the CEO of the Association of International Retail, Paul Barnes, said the VAT-free shopping reversal would hit UK tourism at the British high street.
"This short-sighted move is based on inaccurate and incomplete projections, and risks putting a brake on the return of international visitors who are vital drivers of economic growth throughout the UK," he told the BBC.
