This whole Brexit thing is getting far too real now.
We could stomach getting even less points at Eurovision, we could handle paying more for our overseas football stars and we could even deal with the possibility of shops no longer stocking Marmite.
But when we have to start paying more for our alcohol, that’s when things have gone too far.
However the plummeting value of the Sterling since the June 23 vote seems to have ended with the inevitable consequence of things getting more expensive for regular Brits.
The pound in your pocket is now worth 15% less around the world, so obviously anyone importing things – like wine – was going to have to pay considerably more for their goods.
Went to buy bottle of wine at excellent French wine shop in London. Owner said he'll have to raise prices because of fall in pound. #Brexit
— Dan Bilefsky (@DanBilefsky) October 8, 2016
Just the day before the EU Referendum vote we were warned that the price of wine could go up. “If a Brexit does happen and that results in the sustained fall in value of the pound, all imported products will have to go up in cost over time and wine will be no exception to that,” Majestic Wines chief executive Rowan Gormley had told the Independent on June 22.
Now it looks like the first signs of those warnings are coming true.
Winemakers are now saying that their prices are going to have to rise because of the falling value of the pound.
This email sent to customers from an online supplier, who said they’d held prices for as long as possible, read:
“The bad news is the cost of wine has gone up.
“Back in the good ole days of early 2016, we lowered our prices when exchange rates were in our favour.
“Since then the pound has steadily plummeted and duty has gone up (again) meaning the cost of wine has crept up.
“You might not be aware of this going on, but I’ve seen letters from U.K. Buyers to their winemakers demanding discounts to make up for their Brexit currency hit.
“We’re not the type of business to start a war with suppliers over price.
“Not are we ever going to compromise on quality to hit our margins. So in November we’ll be increasing the prices on half of our wines by around 5%. “
Winemakers email to say they will be increasing their prices by 5% as a result of Brexit and the pound dropping in value pic.twitter.com/4GcNoEyCSX
— Natasha Clark (@NatashaC) October 14, 2016
But that’s not even the worse case scenario.
“Sterling’s 15% drop against the euro means the cost of importing wine has gone up by £413m,” drinks industry analyst Rosie Davenport told The Mirror.
“Some retailers have been told European wine prices could soar by as much as 30%.”
The paper says your £5 bottle of red could soon cost £6.50 and your £10 bottle may rise to £13.
If there is one silver lining to all of this, it’s that the British wine industry could flourish, according to the Telegraph.
Winemakers are churning out 5 million bottles a year and a devaluation of the pound could mean a boost for people exporting their wine to non-EU markets like America.
We could all be drinking a lot more British wine in the future if European wine prices keep rising. Good news, eh! Well, unless you’ve tried many British wines, that is.
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