Never brought into the argument about the pricing of alcohol. It's much more of a cultural issue. The price argument is a very simplistic answer to a very complex problem.
We should ask why it is that on the continent alcohol is equally as cheap and yet there are nothing like the social problems that binge drinking causes. I can buy a half decent bottle of wine in spain for under two euros, or buy a pint of beer in a bar for 1.50€. The hotel I run offers Cruz Campo at 1€ a pint 4 nights a week. I can buy alcohol anywhere, including petrol stations and if I wanted to in Macdonalds, at the cinema, just about anywhere in fact; and yet you won't find the locals vomiting in the street or urinating up walls.
Penalising those who drink responsibly is not the answer, and the only people that benefit are the treasury and bootleggers. We'd be just opening up new income streams for the organised criminals.
The problem is more to do with a complete lack of stigma. Act like a drunken idiot in most European countries and it simply would not be tolerated. The police would certainly not allow it, and the public would treat you with disgust. In the UK there is no disincentive, all you will get is a stern word, maybe a pathetic fixed penalty notice (what a joke) or at the very worst a night in the cells to sleep it off - and then off you're sent on your merry way.
We have this problem in the UK simply because we tolerate it, and not because of price. How many of those silly police documentaries on Bravo have we seen, where at the end they list the penalties dished out to those who have misbehaved. And what happens to them? Nothing, the penalties are a joke; and until we address this issue and start stigmatising such behaviour nothing will ever change.