Britain’s biggest taxpayer is to stop funding one of Andy Burnham’s favourite sports while flinging the horseracing industry into turmoil with a threat to withdraw sponsorship of its most prestigious races.
Fred Done, the billionaire tycoon behind bookmaker Betfred, launched an impassioned plea this weekend to the prime minister and John Healey, the chancellor, to avoid a fresh tax raid on the gambling industry.
Writing in The Sunday Times, he said: “I’m not asking anyone to feel sorry for bookmakers. But I am asking the government to open their eyes. You can’t squeeze any more out of this industry. Every penny more of tax will kill investment, kill jobs, [and] kill horseracing.”
