HORSE racing risks being destroyed if Rachel Reeves pushes ahead with a tax raid on online gambling, MPs warned today.
Senior Labour and Tory politicians urged the Chancellor not to whack up betting levies.
They say it could wipe out “one of the crown jewels of UK sport and culture”.
The Treasury is considering a new flat-rate remote betting and gaming duty, under which horse racing bets would be taxed at the same rate as online gaming and slots — despite being less profitable.
Such a move would discourage bookmakers from promoting the sport, leading to fewer bets, it is claimed.
In a new report, the All Party Parliamentary Group for Racing and Bloodstock said the tax would bring job losses and economic pain for towns such as Doncaster, Cheltenham and Newmarket.
Labour MP Dan Carden said: “I’m calling on the Government to secure a fair funding model, protect jobs and allow horse racing to thrive for future generations.”
And Tory MP Nick Timothy added: “Horse racing is one of the crown jewels of British sport and culture. Nobody will forgive ministers if their decisions lead to its decline.”
The MPs’ concerns are backed by voters, with polling for the APPG showing two-thirds see horse racing as key to the identity of race meeting towns.
The racing sector contributes £4.1billion to the economy and supports more than 85,000 jobs.
Horse racing risks being destroyed if Rachel Reeves pushes ahead with tax raid on online gambling, MPs warn[/caption]
