Horseracing and Bloodstock Industries
Lord Herbert of South Downs Excerpts(3 months, 4 weeks ago)
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Lord Herbert of South Downs
To ask His Majesty’s Government what steps they are taking to support the horseracing and bloodstock industries.
The Parliamentary Under-Secretary of State, Department for Culture, Media and Sport (Baroness Twycross) (Lab)
The noble Lord has been a tireless champion for horseracing, which forms such a key part of our national sporting story. I am sure he is looking forward to the start of the Glorious Goodwood festival tomorrow and, like me, will have been thrilled to see Team GB’s first gold medal of the Paris Olympics in eventing this lunchtime. The Government recognise the significant contribution that racing makes to British culture and its particular importance to the British economy.
Lord Herbert of South Downs (Con)
My Lords, I welcome the Minister to her place. She may have anticipated my sporting plans for later this week. Racing is the country’s second biggest spectator sport; it is worth over £4 billion a year to the economy, and it contributes to the Exchequer, employing tens of thousands of people. Yet it is not a sport that is in as good a financial state as it should be. The reason is that it receives a far lower share of betting turnover than in any of our peer group countries. As a result, prize money is far lower than in other countries, which poses a threat to the UK’s racing industry, which is a world centre of excellence.
I encourage the Government not to repeat the mistakes made, regrettably, by the previous Government and to look again at the clumsily introduced affordability checks, which have cost the racing industry some £50 million a year in lost revenue. Also, will they return to the table with the betting industry and the racing industry to secure an increase in the levy, which is long overdue, and look at its reform, making it index-linked for the future? None of that would cost the Exchequer a penny, but it would be of immense importance to the industry.