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The Irish Sun
3 hours ago
- The Irish Sun
How Rachel Reeves will RUIN British horse racing for millions of fans in her desperation to increase taxes
The Racing Tax will put the sport's British success story in grave danger NICK TIMOTHY How Rachel Reeves will RUIN British horse racing for millions of fans in her desperation to increase taxes AFTER increasing spending by EIGHT times more than she promised, Rachel Reeves has created a huge, £51billion black hole in the public finances – and she's going to make YOU pay the price for her failure. In the Budget this year, we are going to see record tax rises — and among the ideas in the Treasury is a new Racing Tax. 3 Horseracing supports rural communities and towns all over Britain Credit: Alamy 3 Chancellor Rachel Reeves has created a huge, £51billion black hole in the public finances Credit: Reuters 3 A bookmaker pictured at Royal Ascot in 2022 Credit: Getty Horseracing is the second-largest spectator sport, with five million people watching every year across 59 courses. It generates £4.1billion for the economy and backs 85,000 jobs. We have the best horses, the best trainers and four of the top ten races in the world. It supports rural communities and towns all over Britain, including West Suffolk, home to the Newmarket racecourses, which I'm proud to represent in Parliament. But the Racing Tax will put this British success story in grave danger. Right now, bookies pay a 15 per cent tax rate on racing, but Labour's plan to combine all online gambling taxes into a single rate could increase it to 21 per cent. 'Mindless free-for-all' Because racing is also subject to the Betting Levy, ministers would put racing at a competitive disadvantage against the most addictive kinds of online gaming. It could mean £330million of lost revenue for racing in just the first five years, and put 2,752 jobs at risk in the first year. This would lead to higher prices and less racing because of lost income. This proves Labour doesn't understand racing at all. Punters who follow the horses, on the whole, tend to be more selective and use their knowledge, judgment and skills when placing their bets at the bookies, on the course or online. British Horse Racing to Strike for the First Time: Industry Unites Against Betting Tax Hike Plus there are only so many races that you can put money on. But online gambling is a mindless free-for-all and incredibly addictive. There is simply no reason why horseracing should be treated in the same way. Yet, in the desperation to increase taxes, racing — and millions of racing fans — will suffer. Some assume racing has the cash to spare, but this is not true at all. While the industry is very valuable to the economy, its profit margins are tight for breeders and trainers. They invest a lot, but don't always see a return. We are already at risk of falling behind global competitors — such as France — because we are breeding fewer thoroughbred horses. But our racing industry isn't taking this lying down. On September 10, the day before the St Leger festival at Doncaster, no races will take place in Britain. Everyone in the industry knows the financing of horseracing needs reform. Nick Timothy The four race meetings at Lingfield Park, Carlisle, Uttoxeter and Kempton Park will be cancelled. The industry is taking a financial hit to prove its point. Usually, races are only cancelled because of awful weather, equine virus outbreaks or national crises. But the whole industry, from owners to trainers to jockeys, is standing together to protest against Labour's plans. It will be the first time in the sport's modern history that the industry will voluntarily refuse to hold races. Together, they will head to Westminster and make their voices heard. Everyone in the industry knows the financing of horseracing needs reform. Australia and France give horseracing a lot more government support through direct funding or betting taxes than us. Private investors have deeper pockets in the USA and Japan. Prize money is more modest in Britain — which means races in places like the Middle East might become more appealing to owners and trainers than races at home. But the industry keeps getting punished. No progress has been made on reforming the Horserace Betting Levy, which provides a third of the industry's income. 'Nobody has any fun' Affordability checks have been introduced for anyone betting more than £150 on racing within 30 days, driving customers away and costing £3billion in lost turnover in just two years. Labour ministers keep offering us warm words, but fail to deliver. The Racing Tax is the last straw. Opposing Labour's tax plans does not mean we don't want change. The Horserace Betting Levy can be improved by applying it to bookies' total turnover rather than just their profits. It could cover bets placed on overseas races so long as the bookies are based in Britain. The rate could be raised above ten per cent. This would be done to the benefit of the industry and punters alike. There is also more the sport can do to modernise and increase revenue. But the Racing Tax is classic Labour — faceless bureaucrats interfering with people's lives, undermining a successful industry and making sure nobody has any fun. They just don't understand how the economy works, which is why they are killing it with more tax and regulation. We should all stand with horseracing to protect this vital but endangered industry.
Irish Times
4 hours ago
- Irish Times
The Irish Times view on Ireland's economic position: not as good as it looks
The decision by The Economist magazine to exclude Ireland from its annual ranking of the world's richest countries is not the first time comparisons of this kind have sidelined the State's economy, Even official EU statistics now sometimes leave out Ireland, particularly when looking at trends in trade. And private sector analysts often exclude Ireland when looking at Europe-wide indicators. Should we be upset? Not really. The problem, as the Economist puts it, is that Ireland's economic data is 'polluted by tax arbitrage.' Multinationals organise their tax affairs to declare as much profit as possible in Ireland, helped by accountants who are , as the magazine said , 'as versed in the arts of surreal creativity as James Joyce.' Ireland argues, with some justification, that these companies have ' substance' here – in other words they employ people and produce goods or services from Ireland. However, the extent of the profit declared here is well in excess of what would be justified by this activity. And so, on a range of estimates, as much as half of Ireland's corporate tax take may be 'windfall' – not directly related to activity here – and our Gross Domestic Product (GDP) is very significantly inflated. Does this matter? It complicates analysis of Ireland's economy and more meaningful assessments now use other modified aggregates. Had the Economist included Ireland in its list of GDP per head, it would have been somewhere in the top half dozen countries. A more realistic measure would put Ireland in the middle of the European pack. READ MORE Unfortunately, Ireland's out-of-kilter data has created another problem. It has put the State in the spotlight internationally, including in the White House, where there has been focus on Ireland's trade surplus with the US, due almost entirely to pharma exports. The Irish GDP and trade figures may not reflect the scale of real activity here, but they do show major pharma production in Ireland for the US market and the impact of the associated aggressive tax planning. In that way, Ireland's mangled figures do still tell a real story.
Irish Times
5 hours ago
- Irish Times
Protesters call on Central Bank not to renew Israel bonds
Protesters have urged the Central Bank of Ireland not to proceed with the approval for the sale of Israel bonds in advance of an upcoming renewal date. About 100 demonstrators gathered outside the Central Bank in Dublin on Tuesday to demand an end to the authority's role in approving Israel bonds for sale in the EU, for the Government to include services in the Occupied Territories Bill and to pass that legislation. The bank is the designated authority in relation to the sale of Israel bonds in the EU, and has determined the securities meet the standards of the union's prospectus regulations. Israel bonds have been advertised as supporting the country's economy and, more recently, websites promoting the securities emphasise their role in supporting Israel's military operations in Gaza. READ MORE Protesters and Opposition parties have called for legislation that would give Ireland the power to refuse the sale of Israeli 'war bonds' over human rights concerns. They say the bonds are intended to fund the war in Gaza, while Ireland has an obligation under the Genocide Convention to use all means likely to have a deterrent effect on those suspected of preparing genocide. The Central Bank has said regulations require it to approve prospectuses that meet standards of completeness, consistency and comprehensibility. The Israel bond prospectus is up for renewal on September 2nd. The Oireachtas Joint Committee on Finance has recommended that the bank carry out an immediate review before renewing approval of the bonds. David Landy of Jews for Palestine and Academics for Palestine outside the Central Bank in Dublin. Photograph: Niall Carson/PA Wire Meanwhile, Social Democrats TD Gary Gannon has launched legal proceedings against the Central Bank over claims that investors in Israeli bonds could be legally complicit in genocide in Gaza. It is alleged that the Central Bank's failure to ban the marketing, distribution and sale of Israel bonds exposes investors to risks that have not been disclosed to them. [ Lobby other EU countries to allow Irish Central Bank to drop Israeli war bonds, TDs recommend Opens in new window ] Ireland-Palestine Solidarity Campaign chairwoman Zoe Lawlor said: 'The Government has to end the direct involvement of the Central Bank in apartheid Israel's sale of genocide-funding bonds. 'The Central Bank is an organ of this State, and its complicity in genocide makes Ireland complicit.' David Landy of Jews for Palestine, and Academics for Palestine, said: 'We are asking the Central Bank to do the absolute minimum required of it under law – to end the sale of Israeli war bonds, to finally end this direct Irish participation in Israeli genocide.' Sinn Féin's foreign affairs spokesman said the Irish Government 'must use every lever at its disposal' to show leadership on Gaza. Donnchadh Ó Laoghaire said: 'Clearly, ending the facilitation of Israeli war bonds is one of those.' He added: 'The people of Gaza and of Palestine need us to act.'
