Last week I bought a round at my local. Four pints. Two IPAs, a Guinness, and a cider for the mate who “doesn’t really like beer.” £38.40. The barman said it with a straight face, like he hadn’t just quoted me the price of a decent blender. I tapped my card with the fixed smile of someone who’s died inside but still needs to look sociable. Walking back to the table trying not to spill forty quid’s worth of liquid, I started doing the maths. Turns out it’s complicated. Properly complicated. And almost nobody’s getting rich except the tax man. That £9.50 DIPA breaks down to £2.20 liquid, 90p duty, £1.58 VAT, £3.50 in pub costs, and maybe £1.50 margin for the publican.. roughly 16% profit on a good day. Your local Tesco makes more on a banana. Here’s where every penny actually goes, why 136 indie breweries vanished in 12 months, and what’s actually working in 2025.