British horse racing ‘significantly damaged’ by John Healey’s Budget as sport set to suffer

British Horseracing Authority (BHA) chief executive Brant Dunshea issued a statement after Healey’s Budget, explaining how the Chancellor’s decisions impact horse racing.

He said: “While the Government has rejected a worst-case scenario to increase Machine Games Duty (MGD) to 40 per cent, in raising the rate to 25 per cent it will nevertheless cause significant damage to racing’s finances.

“There is now a clear risk that this decision will lead to the closure of hundreds, if not thousands, of betting shops across the country.

“British racing – which derives nearly a third of its £350million annual income from betting via high street shops – is now set to potentially lose £57million a year, based on the independent modelling that was shared with the Treasury ahead of today’s Budget.

“While the MGD rate increase is not as severe as some called for, this change could still prove devastating for the future of our sport – impacting prize money, the viability of racecourses, thousands of jobs, and vital horse welfare projects and research.

“Betting shop closures will also significantly impact a large part of the sport’s fanbase for whom a visit to their local bookie is the primary way they engage with horseracing.”

Dunshea continued: “As the only sport in receipt of a statutory levy from the betting industry, we will seek to urgently engage with the Government to establish how we can work together to reduce the impacts of this tax policy.

“The BHA will also now analyse the Budget documents in greater detail to establish whether there are any other potential issues that may impact racing.”

Several racecourses’ futures were already at risk before Healey’s Budget, including Kempton Park, a staple in the Christmas racing calendar.

GB News previously highlighted the risks to the racecourse, which now faces further pressure following planning proposals to build over 2,000 homes on the racetrack.

Legendary football manager Harry Redknapp, whose horse won the King George VI Chase at Kempton last year, previously told the People’s Channel: “I’d be very sad to see Kempton Park go. It was a special day for me last year there, winning the King George.

“It’s always been a very iconic racetrack. It is sad that we lose another great racetrack.”

Horse racing delivers more than £1.47billion in direct annual revenue, and around £4.1billion in total annual economic contribution.

The racing industry provides over 85,000 jobs, with around 1,400 race fixtures held annually across around 60 racecourses, drawing over five million visitors.

Fears are growing now about the sport’s future and the further implications of the Chancellor’s Budget.

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