Marlboro Man stubs it out as Philip Morris CEO says “ban cigarettes”

The boss of tobacco giant Philip Morris has called for a cigarette ban in the UK. But the industry isn’t about to disappear.

Jacek Olczak
Jacek Olczak says cigarettes should go the way of petrol cars in the UK
(Image credit: © PMI)

In a move that would see his company’s main product outlawed, the CEO of Philip Morris International (PMI) has called on the UK government “to ban cigarettes within a decade”, says Zoe Wood in the Guardian. According to Jacek Olczak, cigarettes “should be treated like petrol cars, the sale of which is due to be banned from 2030”. Such a move would end the “confusion” felt by smokers, some of whom still think the alternatives to cigarettes are even more deadly than the traditional product.

Even if a ban isn’t brought in, PMI has promised to stop selling conventional cigarettes in the UK within a decade, says Jonathan Eley in the Financial Times. While this may sound radical, it is a reflection of how the industry is coming under pressure from consumers, investors and government policy. A combination of high taxes, increasingly stringent regulations such as plain packaging, and changing social mores have ensured that smoking rates in the UK “are already comparatively low”. Around 14% of the population smoke and the government has pledged to reduce the figure to 5% by 2030.

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Dr Matthew Partridge
Shares editor, MoneyWeek

Matthew graduated from the University of Durham in 2004; he then gained an MSc, followed by a PhD at the London School of Economics.

He has previously written for a wide range of publications, including the Guardian and the Economist, and also helped to run a newsletter on terrorism. He has spent time at Lehman Brothers, Citigroup and the consultancy Lombard Street Research.

Matthew is the author of Superinvestors: Lessons from the greatest investors in history, published by Harriman House, which has been translated into several languages. His second book, Investing Explained: The Accessible Guide to Building an Investment Portfolio, is published by Kogan Page.

As senior writer, he writes the shares and politics & economics pages, as well as weekly Blowing It and Great Frauds in History columns He also writes a fortnightly reviews page and trading tips, as well as regular cover stories and multi-page investment focus features.

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