While I appreciate the concerns that have been expressed over the move, this does remain a commercial matter. That said, it is clearly a huge vote of confidence in the British pub, and I understand that Punch shareholders have now agreed on an offer. This will, of course, be subject to regulatory approval and receive appropriate scrutiny from the competition authorities.
More broadly, I am a firm supporter of pubs here in the constituency and know they play an important role in communities across the UK. I am proud of the action taken to back pubs. At the 2017 Spring Budget, tax on beer will only increase by RPI inflation this year, in line with previous forecasts. This follows the removal of the beer duty escalator in 2013 and the unpresented freeze in beer duty.
As you may be aware, the Pubs Code came into force last July, giving tenants more rights and greater protection when dealing with large pub companies that own tied pubs. An independent adjudicator has also been set up to help ensure tied tenants are treated fairly by pub companies and are no worse off than free-of-tie publicans, a principle I support firmly.
Ultimately, the UK has benefited greatly from being an open and free economy. British companies have been successful in attracting investment into the UK and generating the wealth that the nation needs to prosper.
