FDBusiness.com

Scotch Whisky Contributes £5.5 Billion Annually to the UK Economy

 Breaking News
  • Kelsen Group Being Sold For $300 Million CTH, a Belgian holding company affiliated to the Ferrero Group, has agreed to acquire Kelsen Group, the Danish biscuit producer, from US-based Campbell Soup Company for $300 million. The proceeds from the divestiture will allow Campbell to reduce debt. Based in Nørre Snede, Denmark, Kelsen is a producer of quality baked snacks whose primary brands include [...]...
  • Bidfood Expands its Network Bidfood, the UK foodservice wholesaler supplying fresh, frozen, ambient and non-food related products to customers in a wide range of sectors within the foodservice and catering industries, has announced the acquisition of Elite Fine Foods. This is the latest business to join Bidfood’s successful network of independent businesses trading alongside other companies in the delivered [...]...
  • Nestlé Invents First 70% Dark Chocolate Made Entirely From Cocoa Fruit Nestlé has announced it has created a unique chocolate made entirely from the cocoa fruit, using the beans and pulp as the only ingredients and therefore not adding any refined sugar. Nestlé plans to introduce the first product in Japan in the autumn of this year through its KitKat Chocolatory. Further products in other countries [...]...
  • Always Coca-Cola – World’s Favourite Soft Drink Tops Brand Ranking American drinks giant, Coca-Cola, retains its position as the world’s most valuable soft drinks brand after recording a 19% increase in brand value to US$36.2 billion, according to the latest report by Brand Finance, the world’s leading independent brand valuation consultancy. The brand has further widened its lead, as second-placed Pepsi suffers an 8% drop [...]...
  • Fi Europe & Ni 2019 – 3-5 December – Villepinte Parc des Expositions, Paris For more than 30 years Fi Europe & Ni (Natural ingredients) has been the world’s leading food and beverage ingredients sourcing platform. Its unique influence is underlined by the fact that more than 25 per cent of all annual food and beverage manufacturer ingredient procurement budgets are influenced by a visit to the show. Fi Europe [...]...

Scotch Whisky Contributes £5.5 Billion Annually to the UK Economy

Scotch Whisky Contributes £5.5 Billion Annually to the UK Economy
May 03
12:18 2019

The contribution of the Scotch whisky industry to the UK economy has grown by 10% since 2016 to £5.5 billion. A new report by the Scotch Whisky Association, building on research carried out by the Centre for Economic and Business Research (CEBR), also reveals Scotland’s national drink generates two-thirds of all spirits Gross Value Added (GVA) in the UK. The industry has been buoyed in recent years by record exports, reaching £4.7 billion in 2018, and several new distilleries beginning production and opening their doors to tourists.

This success comes despite the industry continuing to pay the fourth highest duty rates in the EU, and one of the highest of spirit producing nations globally. Recent freezes to UK duty have helped the industry to reinforce its vital importance to the UK economy.

Karen Betts, chief executive of the Scotch Whisky Association.

Karen Betts, chief executive of the SWA, comments: “This research shows the huge contribution that our industry plays to both the Scottish and UK economies. Significantly, the research shows that our industry’s GVA increased by 10% to £5.5 billion between 2016 and 2018, as a result of Scotch Whisky companies’ continued export success and the industry’s consistent investment – over £500 million in the last 5 years – in production, distribution, marketing and tourism.

“Despite the challenges of Brexit, this is investment that continues to flow, with more projects planned and more distilleries set to open – a sign that the Scotch whisky industry remains confident about the future.  This is great news for our many employees, our investors, supply chain and, of course, for our consumers all over the world, who love Scotch.

“This report also highlights the high rate of domestic tax that Scotch whisky faces in the UK. In the US, Scotch and other whiskies are taxed at just 27% of the rate that HM Treasury taxes us here at home. We will continue to press the Chancellor for fairer treatment of Scotch whisky in our domestic market, which reflects the vital economic contribution the thousands of people who work in whisky make to the UK economy every day.”

Scotch whisky provides £3.8 billion in direct in GVA to Scotland – helped by regulations in place that requires all Scotch whisky to be distilled and matured for at least three years in Scotland.

This means Scotch whisky contributes more than double than life sciences (£1.5 billion) to the Scottish economy, supporting more than 42,000 jobs across the UK, including 10,500 people directly in Scotland, and 7,000 in rural communities.

The sector was found to perform a crucial role in driving productivity across Scotland. The manufacturer of beverages in Scotland – dominated by Scotch – produces £210,505 GVA per employee. Comparatively, the industry is more productive than the energy sector (including renewables) at £173,511 per head, life sciences at £93,735 per head, and creative industries at £60,712 per head.

About Author

mike

mike

Related Articles



Food & Drink Business Conference & Exhibition 2016

Upcoming Events

  • October 17, 2019Future Food-Tech
AEC v1.0.4

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber

Subscribe Here



Advertisements