Allied-Lyons demands freeze on duty: Cross-border shopping and price wars trouble food and drink industry

Click to follow
The Independent Online
MICHAEL JACKAMAN, chairman of Allied-Lyons, yesterday called on the Chancellor to help the drinks industry combat the problem of cross-border shopping by keeping duty at its present level in next week's Budget.

An independent research agency estimates that legal cross-border beer imports amount to 700,000 barrels a year - equivalent to the output of a large brewery.

'In a week's time we will see whether the Chancellor's proclaimed commitment to the advancement of the cause of manufacturing industry in the UK translates into measures which do not penalise the food and drink industry,' Mr Jackaman said.

Shares in Allied-Lyons fell 3p to 568p after it disclosed disappointing interim profits up 14.6 per cent at pounds 306m for the 28 weeks ending 18 September. Earnings per share rose 5 per cent to 18.9p, and there was a similar increase in the dividend to 7.3p.

(Photograph omitted)