Kemi Badenoch warns on Labour’s proposed betting tax
Kemi Badenoch has expressed serious concerns regarding Labour’s proposed increases in taxes on betting, stating that it could lead to significant job losses and bolster the black market for bookmakers, reports BritPanorama.
In a statement, the Conservative Party leader criticized Chancellor Rachel Reeves for plans to raise online sports betting profits tax from 16% to 25% and online gaming from 21% to 50%. These changes, she argues, threaten not just jobs but also the integrity of the betting sector.
Badenoch highlighted that the move could jeopardize approximately 40,000 jobs in the sector, with fears that punters might shift towards illegal gambling options. Economic experts have warned that such a shift would ultimately reduce tax revenues, expected to fall from an estimated £3 billion to as little as £500 million.
She underscored that the tax increase infringes on the British values of individual freedom and personal liberty, arguing it reflects a “nanny state” approach that could undermine the industry. Badenoch further noted the potential negative impact on rural communities, where racecourses play a vital economic role.
“Whether it’s Net Zero taxes on the flights for your family holiday, making the pint in your local pub more expensive, or pricing people out of a day at the races, Rachel Reeves is coming for it,” Badenoch stated. She also voiced support for The Sun’s Save Our Bets campaign, emphasizing the necessity of a safe betting environment.
With the upcoming Budget, Reeves faces an estimated £30 billion shortfall, prompting criticism that Labour is unwilling to tackle government spending or cut down on the benefits bill to remedy the financial gap. Badenoch’s remarks signal a broader battle over economic policy directions as the parties navigate the complexities of gambling regulation and its implications for the UK economy.
The potential for economic shifts in the betting industry illustrates the ongoing tensions between fiscal policy and personal freedoms, posing critical questions about the balance of taxation and its impacts on society.
