UK cigarette prices set to soar in Spring Budget

Mar.17.2023

UK tobacco tax increase raises prices for smokers, with 20-pack cigarettes now costing over £14 due to a 12% rise.

According to reports, British Chancellor of the Exchequer, Jeremy Hunt, has increased the tobacco tax in the spring budget.

After the increase in tobacco tax, the price of a pack of 20 cigarettes will exceed £14, adding further strain to the budgets of over six million smokers in the UK.

The cigarette tax will increase by 10.1% based on the retail price index, plus an additional 2%.

The price of hand-rolled cigarettes will increase by an additional 6% on top of the existing retail price index of 10.1%.

According to data from the UK's National Statistics Office, the current average price for a pack of 20 cigarettes is £12.84 (approximately RMB 107). Therefore, a 12% price increase would bring the cost to £14.38 (approximately RMB 120), resulting in an extra £1.54 (approximately RMB 12.8) per pack.

The last time cigarette prices increased was in October 2021. The rise in tobacco prices is part of the UK's plan to achieve a smoke-free goal by 2030.

Reference:

Smokers face bad news as the Budget results in a significant increase in the price of cigarettes.

#Europe #Poland #Market #Disposable e-cigarettes #UK #The United Kingdom

This document has been generated through artificial intelligence translation and is provided solely for the purposes of industry discourse and learning. Please note that the intellectual property rights of the content belong to the original media source or author. Owing to certain limitations in the translation process, there may be discrepancies between the translated text and the original content. We recommend referring to the original source for complete accuracy. In case of any inaccuracies, we invite you to reach out to us with corrections. If you believe any content has infringed upon your rights, please contact us immediately for its removal.

FDA Rolls Out Online PMTA Platform, a Move That 2Firsts Analysts Say Could Pull Grey-Market Products Toward Formal Compliance

FDA’s launch of a web-based PMTA system signals faster reviews and, 2Firsts experts say, a possible inflection point for the U.S. e-cigarette market’s shift out of the grey zone.

Dec.04

Tennessee Cracks Down on Vaping: 10 % Tax Hike, Expanded Enforcement Powers, Mandatory ID Checks at Every Retail Counter

New Tennessee laws passed this year impose a 10 % tax on vaping products, empower the Tennessee Alcoholic Beverage Commission (TABC) to conduct compliance inspections, and set steep fines for retailers who sell to minors. Yet, with no statewide retail-licensing scheme for e-cigarettes, enforcing the penalties remains problematic. Meanwhile, stores in cities like Jackson have voluntarily stepped up ID scanning and product tracking to help the rules take hold.

Dec.03 by 2FIRSTS.ai

Bangladesh High Court Questions Legality of BEZA’s Approval for Philip Morris Nicotine Pouch Factory

The High Court in Bangladesh has asked government bodies to explain why the approval granted to Philip Morris to establish a nicotine pouch factory should not be deemed illegal. Petitioners argue the decision contradicts existing policies and a 2016 Appellate Division ruling that restricts new tobacco-related enterprises. Authorities have ten days to respond.

Nov.20 by 2FIRSTS.ai

New York AG Seeks to Shut Down Vape Shops, Ban Owners from Industry

New York Attorney General Letitia James has filed a petition seeking to permanently shut down two smoke shops and ban their owners from the vape industry for repeatedly selling illegal flavored vapes to minors and operating without valid licenses. The nearly 50-page complaint names Eysa Sharhan and Ahmed Mozeb and their stores — Pop-In Smoke & Vape LLC, Pufftopia LLC, and Royalty Tobacco LLC — accusing them of a “persistent pattern of illegal activity.”

Oct.24 by 2FIRSTS.ai