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The write-down, described as noncash adjusting impairment charge, is primarily an accounting matter with no effect on the companys day-to-day operations, but investors reacted negatively to the message about its long-term prospects: British American Tobaccos shares in London fell to their lowest level in more than 10 years

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Ironically this is at the same time that the British government has committed 15m in aid funding to help governments tackle the epidemic and drive down smoking rates. Arnott said companies were only serious about promoting e-cigarettes and vapes as alternatives to smoking in high-income, western countries

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Despite having left the EU in January 2020, the United Kingdom also enacted the ban legislation