'Asda boss slams alcohol duty rise'

Related tags Alistair darling Alcoholic beverage Alcoholism Supermarket

Andy Bond, the chief executive of Asda, the UK's second biggest supermarket, has hit out at Alistair Darling, the Chancellor, over increases in...

Andy Bond, the chief executive of Asda, the UK's second biggest supermarket, has hit out at Alistair Darling, the Chancellor, over increases in alcohol duty that come into force at midnight tonight. Bond described the price rises, which will see duty rates on alcohol rise by six per cent above the rate of inflation, as a "blunt instrument" that will hurt hard-working families. "With household budgets coming under increasing pressure, Alistair Darling raising alcohol duty hurts millions of hard-working families who consume alcohol responsibly," Bond said. "It has little, if any, effect on alcohol-related crime or anti-social behaviour caused by binge drinking," he added.- Sunday Telegraph

Sales of alcohol have soared as Britons rush to stock up before the hefty Budget increases kick at midnight on Sunday. Supermarkets and off-licences have reported a massive 50 per cent increase in alcohol sold through shops and on the internet since Chancellor of the Exchequer Alistair Darling announced his price hikes. The British Beer and Pub Association says pubs will be worst hit by tax rises. Spokesman Mark Hastings said: "We've got 27 pubs closing every week and this increase will simply drive more people into the supermarkets." - Sunday Mirror

Mitchells & Butlers (M&B) is to consider selling a minority stake to private equity firms in return for an injection of cash that would help repair the embattled operator's balance sheet. Blackstone and CVC Capital Partners, the buyout groups, are among the prospective suitors for M&B examining the option of providing a loan that would convert into a large stake in the group. M&B is understood to have put in place a large bridge loan, worth about £400m, to cover the £391m in losses triggered by a failed hedging position put in place during talks over a property joint venture with Robert Tchenguiz, the tycoon who is M&B's biggest shareholder. The bridge loan is thought to expire in November but has an extension option until the following autumn. - Sunday Telegraph

Consultant economists brought in by Her Majesty's Customs & Revenue have suggested that, prior to last week's duty hike, taxation levels were already close to, or for some whisky brands beyond, the revenue maximisation point. With domestic sales of whisky currently flat, even with the freeze on duty levels in place over the past 10 years, the amount of money the Treasury now expects to raise with the substantial duty increase points to a fall in domestic consumption over the next five years, which will hit the industry hard. - Sunday Herald

Two women were taken to hospital after a noxious substance was released in a pub at the weekend. Five other people were left feeling unwell at the Callendar Arms in Falkirk. Central Scotland Police yesterday began tests to establish what the unknown substance might be and forensic examinations were taking place. Police, fire and the ambulance service were called to the pub just before 1am Saturday morning. They found seven people suffering from respiratory problems and itchy eyes. - Scotland On Sunday

Drinking too much wine damages the brain more than beer or spirits, scientists have discovered. New research on the long-term effects of heavy drinking shows that one area of the brains of wine drinkers was smaller than that of other people studied who drank different drinks in greater amounts. One theory is that there may be something in beer that partially protects the brain from the damage caused by wine. - Independent On Sunday

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