Labour considers £3bn gambling tax under 'polluter pays' proposals
The Guardian|October 12, 2024
Ministers are considering a tax raid of up to £3bn on the gambling sector as Rachel Reeves casts around for funds to shore up the public finances.
Rob Davies

Treasury officials are understood to be weighing up proposals, put forward by two influential thinktanks and backed by one of the party's top five individual donors, to double some of the taxes levied on online casinos and bookmakers.

Measures could be included in this month's budget, Labour's first in 14 years, as the chancellor tries to plug the £22bn "black hole" that she claimed to have found in the nation's finances after taking office.

Sources familiar with the discussions said the Treasury had yet to make a decision but appeared receptive to tweaking the UK's complex regime of betting and gaming duties to raise extra funds of between £900m and £3bn, despite opposition from industry lobbyists.

The call for higher taxes on the £11bn-a-year sector is backed by Derek Webb, a former poker player and casino game inventor, who has funded campaigns for stricter regulation of the gambling industry.

Webb has given £1.3m to Labour since the start of 2023, making him the party's fifth-largest individual donor during that period.

One of the tax plans that Treasury officials are looking at comes from the left-leaning Institute for Public Policy Research (IPPR).

Denne historien er fra October 12, 2024-utgaven av The Guardian.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

Denne historien er fra October 12, 2024-utgaven av The Guardian.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

FLERE HISTORIER FRA THE GUARDIANSe alt
Money hacks How to save on winter sports holidays
The Guardian

Money hacks How to save on winter sports holidays

When it comes to skiing and snowboarding, going to Europe will always be cheaper than flying to somewhere such as the US or Canada - but costs vary massively on the continent.

time-read
4 mins  |
November 23, 2024
Scam refund claims
The Guardian

Scam refund claims

Some victims of bank transfer scams will not get a penny back despite beefed-up rules designed to better protect consumers from fraudsters because several big banks have introduced an excess on refund claims.

time-read
1 min  |
November 23, 2024
Packaged accounts Are the perks worth the money?
The Guardian

Packaged accounts Are the perks worth the money?

For a monthly fee, banks offer everyday banking with all kinds of enticing extras. Laura Whateley examines how the 'freebies' stack up

time-read
6 mins  |
November 23, 2024
Spain floods force firms to look south for oranges
The Guardian

Spain floods force firms to look south for oranges

Some British retailers and wholesalers have been forced to switch to sourcing oranges from South Africa and South America earlier than usual after last month's floods in eastern Spain left farmers struggling to harvest and ship their crops.

time-read
2 mins  |
November 23, 2024
Northvolt boss resigns after EV battery firm files for bankruptcy
The Guardian

Northvolt boss resigns after EV battery firm files for bankruptcy

The chief executive of Northvolt has resigned after the Swedish battery startup filed for bankruptcy protection in the US.

time-read
2 mins  |
November 23, 2024
Electric dream sours Carmakers fight strict EV rules as fines loom
The Guardian

Electric dream sours Carmakers fight strict EV rules as fines loom

When Ford announced this week that it was cutting 800 jobs in the UK, the US carmaker had stern words for the government.

time-read
2 mins  |
November 23, 2024
The Guardian

Irish tycoon bids to buy out Yorkshire Post owner

National World, the owner of the Scotsman and Yorkshire Post - and underbidder in the auction for the Telegraph - has received a buyout proposal from largest shareholder.

time-read
1 min  |
November 23, 2024
Bitcoin rises after US SEC chair says he will step down
The Guardian

Bitcoin rises after US SEC chair says he will step down

Cryptocurrencies rose sharply immediately after one of the industry's biggest critics, Gary Gensler, said he would stand down as the head of the US financial regulator when president-elect Donald Trump was inaugurated in January.

time-read
1 min  |
November 23, 2024
Feeling the strain Rising bills and Trump policies to add to pressure on households
The Guardian

Feeling the strain Rising bills and Trump policies to add to pressure on households

Labour swept to power in the wake of a punishing cost of living crisis that hit households hard, with the price of food and energy rocketing, alongside the impact on mortgage rates of Liz Truss's disastrous mini-budget.

time-read
4 mins  |
November 23, 2024
Budget blamed for end to 12 months of expansion as optimism slumps
The Guardian

Budget blamed for end to 12 months of expansion as optimism slumps

Labour's first budget in 14 years has been given the \"thumbs down\" by private sector businesses, with Rachel Reeves's measures blamed for the end to a 12-month run of expansion and a fall in retail sales.

time-read
2 mins  |
November 23, 2024