Future of British Horseracing
Debate between Gareth Snell and Sally Jameson(3 weeks, 3 days ago)
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Sally Jameson
I agree with my hon. Friend, and I want to highlight the unique relationship between horseracing and betting. Key income streams, including the horserace betting levy, media rights and sponsorship contribute around £350 million a year to racing. It is therefore vital that any changes to regulation recognise the potential impact on the industry and ensure that the economic and community value it brings is not diminished.
Gareth Snell (Stoke-on-Trent Central) (Lab/Co-op)
I congratulate my hon. Friend on her excellent speech. The point she raises is apt, and what she describes is currently happening. I am sure she will share my concerns and welcome comments from the Minister about how we can mitigate the unintended consequences the Government have unfortunately brought about—particularly the big betting companies reducing their sponsorship in the horseracing sector as a result of the recent changes to the tax regime. That was not intended, but it is happening and the impact is being felt right now.