16 January 2024 , 10:05
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The Scotch whisky industry has poured a whopping £7.1 billion into the UK economy in 2022, according to a report.
The Scotch Whisky Association (SWA) revealed that the value of whisky had shot up by 29% since 2018. The industry is worth a hefty £5.3 billion to Scotland alone, making up about 3% of total GVA. Whisky accounted for a massive 77% of Scotland's food and drink exports, and 26% for the UK as a whole.
Mark Kent, the big boss 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."
"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. As we approach 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 gave the report a thumbs up, praising the "vital importance" of the sector to Scotland. "The UK Government wholeheartedly supports the industry," he said. "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."
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"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. 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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