'Don't tell us that higher tax on drink is healthy'

Fancy a drink? Get to the bar quickly because the price of a round is set to rocket. Around the taxpayer-subsidised watering Palace of Westminster, the word is that Chancellor Alistair Darling has pencilled in alcohol duty for a vicious hike in his first Budget on March 12. Drinks industry insiders are braced for a swingeing 30 per cent extra duty on all hard liquor. That means £2.50 on a bottle of spirits, plus there will be £1 on a bottle of wine and at least 4p more on a pint of beer - The Daily Express​

Drinks group Diageo has withdrawn from the race to acquire the second best-selling vodka in the world, Swedish state-owned Absolut, opting instead to sign a $900m (£460m) joint venture deal with family-owned rival vodka brand Ketel One. Top-shelf, premium-priced vodka is one of the fastest growing spirits globally, consistently showing 20 per cent annual sales gains in recent years- The Guardian​

A "tipping point" has been reached where more 13-year-olds in Britain have drunk alcohol than those who have not, the Home Secretary said yesterday. Jacqui Smith, the Home Secretary, also criticised young, adult binge drinkers with an "appetite for destruction", fighting on the streets and damaging property. - The Times ​

Hopes of a counterbid for Mitchells & Butlers were stirred up after the Martini family was revealed to have been building a stake in the pubs company. Regulatory filings showed that the Italian family's Unigra International had taken control of 7m shares, worth 1.74pc of the company - The Telegraph ​

The Home Secretary pledged new powers for the police yesterday to deal with underage boozing including seizing alcohol from kids drinking on the street, fines for parents and a ban on cut-price promotions in pubs and supermarkets - The Sun​

A British child who drank floor-cleaner accidentally mixed with her orange juice in a hotel on Cyprus was well enough to play with her parents yesterday - The Scotsman​

Wheat, soyabeans and rice were trading at record levels on Wednesday, supported by tightening fundamentals and fresh investor inflows - Financial Times​