U.K. Cuts Tax on Beer, Continues Scheduled Rise for Wine

U.K. Chancellor of the Exchequer George Osborne cut the price of a pint of beer by 1 penny, canceling a scheduled increase of 3 pence in a bid to support the country’s pubs.

The reduction, which will take effect on March 25, follows a campaign by the brewing and hospitality industry to help save pubs, 10,000 of which have closed in the past decade, Osborne said. Beer-duty rates will in future be increased in line with the retail-price index measure of inflation. Today’s cut refers to “average-strength” beer, the Treasury said.