Between inflation and the weak pound, Italian wine restarts from London and the UK market

One year ago, London was the symbol of the restart, the first of the biggest cities in Europe to put the Covid emergency behind. Maybe a little unconsciously, but the enthusiasm of the English capital soon infected the rest of the continent, which, for a few months, cherished the idea of a new period of growth and prosperity. A hope that lasted just a few months, because in February 2022 the Russian invasion of Ukraine reshaped the global balance, triggering a spiral destined to plunge Europe into economic stagnation.
A prospect which Great Britain is starting with worrying economic indicators: the inflation is now close to 10% and the most pessimistic forecasts anticipate a flight forward in prices which, in January 2023 could even arrive at 18.6% (estimated by Citi). As if that were not enough, the Pound, thanks to the reckless tax cut policy, suggested by new Premier Liz Truss (on which the Tories seem ready to backtrack, ed), has reached a historic low point in the exchange rate with the Dollar. A perfect storm at the end of an era, which ended a few days ago with the greeting of Great Britain, to its longest-lived sovereign, Elizabeth II, on the throne for 70 years and the only ruler who is known by three generations of British. Who, now, stunned but not frightened, are waiting to know what the future holds for them under the leadership of a new sovereign, Charles III, who arrived on the throne at 73 and already struggling with the first problems, all political: Premier Truss, in fact, just yesterday said “no” to the sovereign’s participation in the COP27 climate conference. The picture is challenging, but not apocalyptic, in a country that, from the consumption point of view, experienced unrestrained growth in the first six months of the year. Which Italian wine also benefited. Surely inflation played an important role, but, in the first half of 2022, imports marked an increase of + 23.18 % over the same period of 2021, for 378.8 million euros, well beyond the increase in prices.
A result to be defined, that has brought Great Britain back to the center of the geography of the internationalization of Italian wine, after years of substantial stability. And it is from London – a stone’s throw from Westminster and from 10 Downing street - that the “Simply Italian Great Wines” restarts today, the center of the internationalization actions implemented by IEM - International Exhibition Management, founded by Giancarlo Voglino and Marina Nedic. With a parterre of leading companies at the walk-around tasting this afternoon, including Antinori, Ca’del Bosco, Donnafugata, Jermann, Tasca d’Almerita, Tenuta Luce, Attems, Venturini Baldini, and Tenuta Tomasella, just to name a few, but also the Lugana Consortium. The masterclasses, dedicated to the wines of the Istituto Grandi Marchi and to the labels of one of the most important white wine territories in Italy, the Collio, will be led by Patrick Schmitt, Master of Wine and “The Drink Business” editor-in-chief (in the coming days, videos and reports of WineNews from London).