The Tote
Debate between Yvonne Fovargue and Laurence Robertson
Mr Robertson
The hon. Gentleman is absolutely right. It is the efforts of the staff, who have contributed so much towards the Tote as an organisation, that have allowed it to contribute so much money to horse racing.
Yvonne Fovargue (Makerfield) (Lab)
Does the hon. Gentleman agree that much of the value of the Tote lies in the loyal and mainly long-serving work force, who need to be protected? Their needs must be given proper weighting in the bidding process as a reward for their loyal and long service, which has helped the Tote to develop into what it is today.
Mr Robertson
I entirely agree with the hon. Lady. I will touch on that in a moment.
As I said, the taxpayer has never put any money into the Tote and therefore does not deserve any money out of the Tote. Having said that, I fully understand the difficulty that the Minister and his Department may face, because over the years we have seen the Treasury grow in strength, and it wants some money out of this process. However, a bid from a Tote foundation may qualify to be one of the best bids that it could take up, for some of the reasons that have been given. A Tote foundation would of course continue to employ staff, and therefore continue to have a pension liability. It would continue to be responsible for any debts that the Tote may have. All that has to be put into the melting pot. An undiscounted cash payment could be made. If the Tote is to continue as a foundation, or as the Tote organisation, and continue, year on year, to pay money to horse racing, there is no need for the 50% sum to be given back to horse racing because it would be getting something far more valuable—the ongoing amount each and every year. That is extremely important.