DCMS Secretary Lisa Nandy has dismissed reports of a potential tax hike in the gambling sector, calling it fake news. She emphasized the importance of the industry to the UK economy and the joy it brings to many people. Nandy’s statements came in response to rumors that the Labour government was considering a £3bn tax raid on gambling businesses. This reassurance from Nandy comes after UK gambling stocks saw a significant drop in value due to the speculation of tax hikes.
Nandy’s remarks in the House of Commons question time aimed to alleviate concerns raised by industry executives, including those from Flutter Entertainment and the British Horseracing Authority. The horseracing sector, in particular, has been vocal about the potential impact of tax increases on the industry. Nandy acknowledged the significance of the horseracing industry, which contributes £4bn to the economy, and expressed her government’s commitment to supporting it.
Highlighting her connection to the horseracing sector through The Tote, a betting firm based in her constituency of Wigan, Nandy emphasized her understanding of the industry. While the current administration may not have prioritized gambling reform, Nandy assured that Labour is reviewing the evidence and will unveil a new strategy soon.
Overall, Nandy’s statements reflect a supportive stance towards the gambling industry and a willingness to address concerns raised by stakeholders. Her reassurances have helped ease fears within the sector and provide hope for a constructive approach to industry regulations in the future.