Latest figures released by HMRC on tobacco and alcohol duty show that the Exchequer is facing an increasing black hole in its sin tax revenue and nanny state policies are inflating a huge black market. As Guido has been warning for some time now…
Tobacco duty revenue is down from £10.4 billion to £7.9 billion. Receipts have fallen by £414 million, or 10%, in the last 6 months. From cigarettes that receipts are down around 30% over the last decade. That means the black market is growing at a startling rate – one in 10 cigarettes consumed in Britain is illegal…
Visualised by the IEA’s Chris Snowdon:
The Laffer Curve picture is the same for alcohol duty, with revenue from spirits down 4%, wine 2%, and beer 3%. Some revenue-focussed think tanks suggest more realistic ways of taxing these products…
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