Home Business News Scotch whisky brings £7.1 billion into the UK economy

Scotch whisky brings £7.1 billion into the UK economy

by Amy Johnson LLB Finance Reporter
16th Jan 24 10:16 am

The Scotch Whisky Association (SWA) has said that the sector brought £7.1 billion into the UK economy in 2022 and has increased by 29% since 2018.

The Scotch whisky industry is worth around £5.3 billion to Scotland which equates to 3% of the total gross value added (GVA).

Mark Kent, chief executive of the SWA, said the report “has once again proven its economic significance to the UK.”

He added, “The past five years have been turbulent for our sector, as we faced retaliatory tariffs in the United States, in addition to the global pandemic and the knock-on economic pressures.

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“The Scotch whisky industry has remained resilient, with capital investment directed towards fulfilling our collective sustainability ambitions, creating world-class visitor attractions, and building more distilleries that will help boost jobs and growth.

“Ahead of the UK spring budget on 6 March and this year’s general election, it is vital that the industry is supported by government so that businesses can continue to invest in the UK economy.”

Scottish Secretary Alister Jack said, “The UK Government wholeheartedly supports the industry.

“Scotch is not just Scotland’s but the UK’s most valuable food and drink export and that’s why we’ve given it 10 cuts or freezes in duty at the last 11 budgets, as well as removing punitive tariffs imposed on the US market.

“We are pushing forward with new and robust global trade agreements that will continue to safeguard the interest of Scotch whisky, ensuring that the unique characteristics and reputation of Scotch are protected.”

Scotland’s Wellbeing Economy Secretary Neil Gray said, “Scotch whisky is a world-renowned brand and our leading single food and drink export product.

“Continued growth in global markets means more jobs and investment across Scotland, our communities benefit and it entices visitors and residents to experience the incredible offer we have here in Scotland.

“The Scottish Government will continue to work with the whisky sector to drive further growth and success.”

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