All 1,287 Betfred shops could disappear from the UK High Street if Chancellor Rachel Reeves hikes taxes on gambling firms, the company’s co-founder and chairman has told the BBC.Fred Done, who set up Betfred in 1967 with his brother, said a closure of that size would put 7,500 jobs at risk.The billionaire businessman said tax rises were the “biggest threat” to the industry in his 57 years. It echoes similar warnings from other gambling brands.Increasing taxes on betting firms in the Budget has been suggested to the chancellor. She recently told ITV: “I do think there is a case for gambling firms paying more… they should pay their fair share of taxes and we will make sure that happens.”Reeves has been encouraged by former Prime Minister Gordon Brown to increase taxes on the gambling sector and use the revenue from that to reduce child poverty.The Institute for Public Policy Research (IPPR) think tank estimated over the summer that additional taxes on the industry, as high as 50%, could raise £3.2bn.At the time the Betting and Gaming Council, which represents gambling companies, called Brown’s plan “economically reckless”, saying it would push gamblers into the black market.Betting companies have resisted calls for taxes to rise. Up to 200 William Hill retail outlets could close if the industry faces higher taxes, its owner Evoke said earlier this month.Betfred’s Mr Done said that if taxes on UK gambling companies increased he would also feel compelled to close his High Street shops. “It [tax] doesn’t even need to …
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[mwai_chat context=”Let’s have a discussion about this article:nnAll 1,287 Betfred shops could disappear from the UK High Street if Chancellor Rachel Reeves hikes taxes on gambling firms, the company’s co-founder and chairman has told the BBC.Fred Done, who set up Betfred in 1967 with his brother, said a closure of that size would put 7,500 jobs at risk.The billionaire businessman said tax rises were the “biggest threat” to the industry in his 57 years. It echoes similar warnings from other gambling brands.Increasing taxes on betting firms in the Budget has been suggested to the chancellor. She recently told ITV: “I do think there is a case for gambling firms paying more… they should pay their fair share of taxes and we will make sure that happens.”Reeves has been encouraged by former Prime Minister Gordon Brown to increase taxes on the gambling sector and use the revenue from that to reduce child poverty.The Institute for Public Policy Research (IPPR) think tank estimated over the summer that additional taxes on the industry, as high as 50%, could raise £3.2bn.At the time the Betting and Gaming Council, which represents gambling companies, called Brown’s plan “economically reckless”, saying it would push gamblers into the black market.Betting companies have resisted calls for taxes to rise. Up to 200 William Hill retail outlets could close if the industry faces higher taxes, its owner Evoke said earlier this month.Betfred’s Mr Done said that if taxes on UK gambling companies increased he would also feel compelled to close his High Street shops. “It [tax] doesn’t even need to …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]
