Key points:
- Speculation over the last few days surfaced that there would be a tax raid on the industry
- Industry naturally not in favour of any further tax rises
- Culture Secretary stressed “you can’t believe everything that you read in the papers.”
Department for Culture, Media and Sport (DCMS) Secretary of State Lisa Nandy has downplayed speculation surrounding tax hikes on the gambling industry.
Over the weekend, a report surfaced from the Guardian which suggested that the UK Government were potentially considering a tax raid of up to £3bn ($3.90bn) on the gambling sector, with proposals put forward by two influential thinktanks.
This news wasn’t taken well within the gambling sector, with stock prices falling on Monday followed by influential individuals from the industry, such as Betting and Gaming Council (BGC) CEO Grainne Hurst and Flutter Entertainment CEO Peter Jackson, arguing why any potential tax rises on gambling wouldn’t be a positive.
However, during a questions session in the House of Commons related to Culture, Media and Sport, Nandy appeared to downplay any speculation that the Government was going to carry out any such tax raid on the gambling industry.
When asked about the rumours, gambling reforms and the industry as a whole, she said: “(Dr Evans) should know, as we do, that you can’t believe everything that you read in the papers.
“I think he will have heard from my previous answer that we are determined to strike the right balance.
“We’re aware of the value of this industry and the importance of it not just to the UK economy, but the joy that it brings to many, many people, and the employment prospects that it offers to people in every nation and region of the United Kingdom.
“We are also very aware of the problems that can be caused by problem gambling, and as the previous Government did, we are determined to talk to the widest range of partners to ensure that we strike the right balance, to protect people from the problems that can ensue, but also to support the growing industry.”
In other legislative news today, the Gambling Regulation Bill in Ireland has finally been passed through both Houses of the Oireachtas, paving the way for it to be signed into law.
