The Financial Times discusses IEA research

A new study from the Institute of Economic Affairs estimates that black market spirits purchases cost the UK’s exchequer about £1.2bn in revenue every year.

High alcohol duties are pushing people to purchase booze from the black market,” IEA said. “As the duties continue to rise, it is expected these fakes will continue to flood the market, harming the genuine brands.”

Read the full article here (£).