Rachel Reeves has been slammed by the horse racing industry (Image: Getty)
Britain’s horse racing industry is mounting an unprecedented show of force against the Government over plans for a rise to betting taxes in this year’s Budget. Four events this September across the country are to be scrapped in a show of unity against the proposed tax, which would heavily hit horse racing funding.
The events being called off are meetings at Carlisle, Uttoxeter in Staffordshire, and Kempton and Lingfield Park in Surrey, and it is expected to cost the industry up to ￡700,000 in lost revenue. The British Horseracing Authority is leading the charge against plans to raise taxes on betting from 15% to 21%, in an effort to find cash to fill Rachel Reeves' new funding blackhole. It’s believed Ms Reeves is scrambling to find a whopping ￡50 billion in order to not break her self-imposed fiscal rules, following costly u-turns on winter fuel and welfare cuts, and weaker than hoped-for economic growth.
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It's feared a tax rise would spark job losses and a blow to the economy (Image: Getty)
Horse racing is heavily reliant on the separate horse racing betting levy, paid by gambling companies on racing wagers and which pumped ￡108 million into the industry last year.
Jim Mullen, chief executive of The Jockey Club, warned Ms Reeves’ planned tax hike will cause “irreparable damage that threatens a sport the nation is, and should be, proud of.”
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A tax rise could see bookmakers hike costs, cut bonuses and slash advertising, leading to a ￡330 million loss in revenue for the sport over the first five years.
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It could also put nearly 3,000 jobs at risk in the first year alone, from an industry responsible for around 85,000 jobs and which contributes ￡4.1 billion to the economy.
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Gordon Brown is a leading proponent of raising the tax rate on gambling (Image: Getty)
The proposed tax hike is being pushed by former Prime Minister Gordon Brown, who argued it could be used to fund the abolition of the two-child benefits cap.
The strike, on September 10, will see owners, trainers and jockeys head to Westminster instead of racetracks for a campaign event.
Mr Mullen said: “Our sport has come together today, and by cancelling racing fixtures, we hope the government will take a moment to reflect on the harm this tax will cause to a sport in which our country leads in so many ways.”
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