The British gambling industry emerged unscathed from the 2024 UK budget, as fears of a punitive tax hike on the sector proved unfounded. Chancellor Rachel Reeves delivered the financial plans for the country on Wednesday, the first Labour Party budget in 15 years, announcing tax increases of around £40 billion ($51.9b). She insisted the measures were necessary due to a £22b black-hole left by the previous Conservative government at Westminster, but their outgoing leader Rishi Sunak hit back accusing Labour of “fiddling the figures” and reneging on manifesto pledges not to increase taxes. Earlier this month, UK Treasury officials were said to be weighing up proposals from two “influential” think tanks to raise up to £3b in taxes from the gambling industry as part of a push to shore up a massive shortfall in public finances. Understandably, the markets reacted negatively.
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Graeme Hanna, ReadWriteWeb
Thu, 10/31/2024 - 4:30am
Topics: chancellor rachel reeves labour party conservative westminster rishi sunak earlier uk treasury understandably october entain s flutter paddy power betfair gavin isaacs ladbrokes coral reform reuters small-cap ftse aim april image midjourney readwrite british uk labour entain ftse tax stocks taxes markets punitive fears reacted wednesday hike proved mid-cap years government due index raise online shares
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