Nigel Farage warns of devastating impact of increased betting taxes
Nigel Farage has warned that a Budget hike to betting taxes will devastate the UK’s high streets, reports BritPanorama.
The leader of Reform UK indicated that further closures of bookmaking shops would push more punters towards the black market. He highlighted that the extra levies on slot, quiz, and fruit machines could jeopardise 9,000 jobs and lead to the closure of 1,000 outlets, according to analysis by audit firm EY.
Farage further stated that these closures could impact the horse racing sector to the tune of £57 million, a significant blow to the industry. “One, it’s more empty shops on the high street,” he said. “Two, it is damage to the racing industry. And three, all you do is you drive people to the black market.”
He expressed concern that stringent regulations on traditional bookmakers are already pushing substantial wagers towards illegal operators abroad. “This just drives things further and further in that direction,” he added.
Chancellor John Healey has raised Machine Games Duty from 20% to 25%. This move has been met with resistance, especially as The Sun’s campaign urges an end to tax increases imposed by Labour. The owners of Mecca Bingo and Grosvenor Casinos have publicly stated that the rise in taxes will cost them £9 million annually.
This debate highlights ongoing tensions within the UK gambling sector, balancing regulatory measures with economic sustainability, particularly in high street locales struggling against rising online competition.
