- UK will follow New Zealand with proposed move
- Imperial Brand shares down nearly 3%
- British American Tobacco shares down nearly 1%
Shares in global tobacco firms British American Tobacco (BATS) and Imperial Brands (IMB) took a turn for the worse as prime minister Rishi Sunak said at the Conservative Party conference in Manchester that he would crack down on the legal age of smoking and children vaping.
Shares Imperial Brands were down nearly 3% to £15.85 in afternoon trading, with British American Tobacco shares falling nearly 1% to £24.84.
Sunak said at the conference: ‘I propose that in future we raise the smoking age by one year every year. That means a 14-year-old today will never legally be sold a cigarette and that they and their generation can grow up smoke-free.
‘If we are to do the right thing for our kids, we must try and stop teenagers taking up cigarettes in the first place,’ he added.
Sunak’s move was widely rumoured ahead of the conference, and it will see the UK follow in the footsteps of New Zealand which last year introduced a ban on selling cigarettes to anyone born on or after 1 January 2009.
How mooted UK policy changes could impact UK businesses and investors
Sunak also promises to look at measures to stop children vaping by reviewing flavours, packaging and disposable devices that are encouraging pre-teens to start the habit.
