
Unless the Government axe the racing tax rise it will be goodbye Glorious Goodwood
And next week we will celebrate one of the sport's most iconic meetings — Glorious Goodwood.
2
2
Few events capture the sport's history and tradition, its excitement and buzz, more than this glorious spectacle of racing on the South Downs.
Thousands will go to the racecourse and millions more will watch it on TV — not just here at home but around the world.
Like Royal Ascot before it, Glorious Goodwood is more than just five days of brilliant racing.
It is a mix of world-leading sport, fashion and society and a vital soft power lever — as demonstrated by those attending from governments around the world — promoting the best of Britain on a global stage.
Tearing the heart out
As the MP for West Suffolk, and with Newmarket at the heart of my constituency, I know how these meetings, along with all the others which take place at the country's 59 racecourses throughout the year, showcase racing's vital role in Britain's economy, communities, culture and international reputation.
But racing today faces the most serious threat to its future in generations, and if the Government has its way, we risk losing the likes of Glorious Goodwood forever.
The Government is currently considering hammering British racing with a tax bombshell.
It wants to bring the rate of tax on online horse race betting level with the rate placed on online games of chance — despite there being a huge difference between the two products.
Yesterday, the Government closed its 12-week consultation period during which it sought the views of the sport and other interested parties over its so-called harmonisation plan.
Racing's governing body, the British Horseracing Authority, led the sport's response in robustly opposing this unwelcome tax smash-and-grab, and hundreds more have made clear their objections to the Treasury officials who came up with this daft proposal.
Winning jockey banned after 'extremely unusual' incident during controversial finish at Bath races
And as they start wading through the responses which spell out in no uncertain terms the damage their reckless tax proposal could cause to racing, they should understand the strength of feeling shared by millions of people across Britain.
According to the Treasury, its proposed Remote Betting and Gaming Duty is designed to simplify betting taxes.
But in doing so, it would scrap the special treatment for betting on British racing that successive governments have recognised is needed due to the jobs it creates and its contribution to the economy.
Betting on racing is currently taxed at 15 per cent while online slots are taxed at 21 per cent.
The Treasury wants to harmonise those rates which means, more than likely, a tax raid on the sport.
Racing is part of who we are. It is an essential part of our national sporting story. It is vital that the Government recognises that
As many Sun readers who like to bet on the horses after studying the form will know, it is a different type of betting compared to online slot machines.
And the current tax regime is designed to reflect both the higher costs borne by the sport — compared with online gaming — and racing's significant economic and social contribution to our country.
In purely financial terms, harmonising the duty rates at even 21 per cent will hit racing's finances by £66million. Any higher and thousands of jobs will be lost across Britain.
In a worst-case scenario, racecourses may be forced to close, tearing the heart out of their communities.
Racing is part of who we are. It is an essential part of our national sporting story. It is vital that the Government recognises that.
Without an exemption for horse racing from the harmonisation plans, Britain's second-largest spectator sport and a cherished part of the social fabric of our communities will suffer great harm.
The Government, and the Treasury in particular, should take note and axe the racing tax
That harm will be both economic and social.
Let's start with the economics.
Racing employs 85,000 people nationwide and adds over £4billion a year to our national income.
Millions of pounds of international investment are drawn in from key trading markets by the world-leading standards of care, science and animal welfare found at British stud farms and training yards.
Those in the local supply chain around those farms and yards and our racecourses will see their businesses affected if racing takes a financial hit.
Just as important as the boost racing provides to the local and national economy is the way it knits itself into the social fabric of our communities.
It helps to make up the identity and sense of place in racing towns. It brings together people from all backgrounds, unites families across generations, and is a way of life for communities around racecourses.
Hammer blows
And you, the voters, agree. A majority of Britons (68 per cent of Conservatives, 63 per cent of Reform voters, and 61 per cent of Labour voters) say horse racing is an important part of British culture, while two-thirds see racing as an important part of the identity of towns like Newmarket, Doncaster and Cheltenham.
This damaging tax hike would be the third leg of a 'triple whammy' of challenges that represent an existential threat to the sport.
Alongside the Government's failure to review the Horserace Betting Levy which funds the sport, and intrusive affordability checks placed on everyday punters, these financial hammer blows could tip racing into terminal decline.
As they analyse the responses to their consultation, ministers and officials should understand just how many people's lives they will hurt by imposing a swingeing tax rise.
It is millions of people in every corner of the country who enjoy attending race meetings and having a flutter on the horses.
It is the people whose businesses and jobs depend on racing. It is the people whose civic pride derives from the local racecourse or their area's reputation as a centre of excellence for the rearing and welfare of horses.
The Government, and the Treasury in particular, should take note and axe the racing tax.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


The Guardian
10 minutes ago
- The Guardian
Ex-Sun editor David Dinsmore to take up new government communications role
A former editor of the Sun will take up a senior communications role at the heart of government. David Dinsmore, editor of the tabloid from 2013 to 2015, will be a civil service appointment rather than a political adviser, tasked with improving the government's communications operation. The role of permanent secretary for communications is separate to the No 10 director of communications. The Telegraph reported that Keir Starmer interviewed the candidates who made the final shortlist and is said to have been impressed with Dinsmore's understanding of modern communication challenges. Dinsmore started his career in journalism as a reporter for the Scottish Sun in 1990 and rose to become its editor in 2006. He has held a number of senior roles at the Sun including managing editor and helped to oversee the launch of the Sunday edition. Dinsmore currently works at News UK, which publishes the Sun, the Times and Sunday Times, where he has been chief operating officer for the past decade. While editor of the Sun in 2014, Dinsmore was named 'sexist of the year' after a poll run by a feminist campaigning coalition called End Violence Against Women. The Sun was at the time still publishing photographs of topless women each day on page three of the newspaper – it stopped in 2015. Dinsmore is not the first senior tabloid journalist to transition into a communications role at Downing Street. Andy Coulson, the former editor of the now defunct News of the World, worked for David Cameron in opposition and then in Downing Street, before resigning as director of communications in 2011 over the phone-hacking scandal. Alastair Campbell was political editor of the Daily Mirror before he became Tony Blair's most senior communications adviser. Sign up to First Edition Our morning email breaks down the key stories of the day, telling you what's happening and why it matters after newsletter promotion In March, Starmer's director of communications, Matthew Doyle, resigned from his role after nine months in No 10.


Times
25 minutes ago
- Times
How I plan to survive retirement without a state pension
Generally speaking, I'm not a huge fan of risky moves. I would rather wait an extra hour at the airport than stress over missing a flight, I find it hard to negotiate on price for fear of losing a deal completely and I refuse to get behind the wheel if I've had a single drink. With all these decisions, the anxiety caused by the potential loss outweighs any positive that the risk brings. Rushing through security to walk straight on to a flight may be exhilarating for some, but my heart rate would still be elevated when I landed at my destination. There is one area, however, where I'm simply going to have to take more risk: my pension pot. As a young (ish) saver, the safest thing to do is to assume that the entire responsibility of funding my retirement will fall to me. And that requires more risk. This week the work and pensions secretary, Liz Kendall, said she was 'formally announcing' the next government review of the state pension age. As the last review concluded in 2023 — and the government only has to review the age every six years — this was earlier than expected. It's looking likely that the age at which you get your state pension will rise sooner than planned. The state pension age is 66, increasing to 67 between 2026 and 2028. Another jump to 68 is pencilled in for 2046, but will probably be moved forward. To assume that the state pension age will stay at 68 by the time I get there (in about 38 years) would be foolish. In fact, to assume there will be any state pension at all is unwise. The state pension is a financial headache for the government. It costs about 5 per cent of GDP, up from about 3.5 per cent in the year 2000, according to the Office for Budget Responsibility (OBR), and is forecast to be 7.7 per cent by 2070. It's also getting harder to find the cash to fund it. People are living longer and having fewer babies — aka future taxpayers. The UK's old-age dependency ratio, the population aged 65 and over as a percentage of those of working-age (16 to 64), is set to increase from about 33 to 50 by the mid-2060s, according to the OBR. So my private pension is going to have to do the heavy lifting in my retirement — at least if I want to stop working before I'm 75. And the easiest and cheapest way to boost my pot is to increase my level of investment risk. • How to get a nation of savers investing 'It's important for younger savers to take risks with their pension — that just means investing in the stock market, not taking a punt on bitcoin. If you have 30 or 40 years until retirement, your pension should be heavily, if not exclusively, invested in shares,' said Laith Khalaf from the investment firm AJ Bell. 'The exception would be if you have a nervous disposition and can't bear to see a fall in the value of your savings. Even then, the fact that you are saving regularly into a pension means you get a smoother journey even with a relatively high content invested in the stock market.' Historically, the stock market has provided the best investment returns in the long run. If, 30 years ago, you had invested £1,000 in the Investment Association's global sector of funds that are invested entirely in stocks, you would have £8,150 today. The sector of funds that are 40 to 85 per cent invested in the stock market would have returned £5,657, while the 20 to 60 per cent stocks option would have returned £4,362. But most pensions are not invested in 100 per cent equities, even for workers who are just starting out. Most pension savers are automatically enrolled into workplace pensions and put into 'default' funds — a one-size-fits-all option that has to be appropriate for 20-year-olds and 50-year-olds. This means that many default funds will only have about 60 to 70 per cent of their pot invested in shares. The rest will be in assets such as cash or bonds, that are considered less volatile but are also unlikely to grow at the same rate. Effectively, these pots are simply the least worst fit for the workforce as a whole. • How to stop the taxman taking a big slice of your pension I confess that this is still how my pension savings are invested. James Coker from the wealth manager Quilter Cheviot said this was unlikely to be my best chance at building a hefty pension pot. He said: 'Moving your pots into an equity portfolio will serve you well over the long term. Someone in their thirties or forties is arguably decades away from retirement and stocks have the greatest inflation-adjusted growth potential. Stocks have to form the basis, if not all, of your portfolio.' With the ever-increasing likelihood that my income in retirement will be on my shoulders alone, it's time to make the move. The cheapest way for me to do this is to move my pension pots into a global tracker fund, a low-cost option that replicates the performance of global stock markets. It may feel risky, but the alternative — a pot that doesn't plug the hole left by a disappearing state pension — feels even riskier. • Top of the pension pots: the best place for your Sipp


Daily Record
40 minutes ago
- Daily Record
Donald Trump 'loves standing on the soil of Scotland', Ian Murray reveals
The UK Government minister was the first person to greet the president in Scotland as he begins his visit to the country. Donald Trump has said he 'loves standing on the soil of Scotland' after landing in the country on Friday evening, according to the Scottish Secretary. Ian Murray told the PA news agency what the US President's first words were after disembarking from Air Force One in Prestwick. The UK Government minister was the first person to greet the president in Scotland as he begins his visit to the country. Speaking after meeting the American leader, Mr Murray told PA: 'The president came off the flight, and I said, 'Mr president, welcome to Scotland – the home country of your dear mother', and he said, 'It's great to be here, I always love standing on the soil of Scotland'. 'I said, 'I hope you're looking forward to a bit of downtime with some golf this weekend', and he said, 'Yes'. And I said, 'Well, we've whipped up a bit of a wind for you to make it a bit more competitive', and he went, 'I'm looking forward to it'.' Mr Murray said Mr Trump was given a warm reception as he got off his presidential plane. Hundreds gathered on the Mound overlooking Prestwick Airport for the president's arrival. A Trump flag was flown while a few spectators wore 'Make America Great Again' hats, although many of those attending were locals and aviation enthusiasts, including some who had travelled from England. Mr Murray said: 'Spotters hills, as it's called, where all the plane spotters come to Prestwick, was absolutely full. 'You could see that from the tarmac and as Air Force One came in, people were snapping away on their photographs. 'To see all that happening is quite a spectacle in itself. 'It's really good to have that kind of focus on Scotland.' Mr Trump will meet Prime Minister Sir Keir Starmer during his trip to discuss the UK-US trade deal as Britain hopes to be spared from the president's tariff regime. The Scottish Secretary said: 'Really, the purpose of this weekend, the purpose of greeting the president off the plane, the purpose of the Prime Minister's relationship with the president is to build that close relationship, to make sure that that old alliance is nurtured, and to do that for the benefit of the national interest, which is about jobs and growth here in the UK, and particularly Scotland.' Mr Trump will meet Scottish First Minister John Swinney during his trip as he opens a new golf course in Aberdeenshire. Before flying to Prestwick, Mr Trump said in Washington that he was 'looking forward' to meeting Mr Swinney, describing him as a 'good man' – the same phrase he used for the Prime Minister after landing in Scotland. Asked about the president's relationship with the UK, Mr Murray said: 'The Prime Minister has taken a very pragmatic approach to the relationship with the president of the United States, because it's in our national interest to do so, whether it be on defence, security, trade, cultural, historic ties. 'It's a historic alliance, and that alliance has to be nurtured and continue through to the future, because it's quite clear that our relationship with United States is good for jobs and growth here in Scotland and across the UK. 'The Prime Minister knows that, and knows that working very closely with the US is in our national interest.' Asked about protests, which are expected across the country, Mr Murray said people had a right to demonstrate, adding: 'Freedom of speech, freedom of assembly and freedom to protest is a key cornerstone of both countries, America and the UK, and the right to be able to protest if they so wish to so.'