Newmarket MP Matthew Hancock has welcomed horseracing funding reforms.
Since his election as the MP for West Suffolk, Mr Hancock has fought tirelessly for a fair deal for horseracing and to close an offshore loophole that has allowed large bookmakers to avoid tax, UK consumer regulations and the Levy payments that support Racing.
Mr Hancock said today he was delighted that the Government has announced in the Budget it will ensure offshore bookmakers pay the Horserace Betting Levy and look to introduce a ‘Racing Right’ – a legally binding basis for a future commercial funding agreement between racing and the gambling industry.
Commenting on the announcement, Mr Hancock said: “I am delighted at today’s announcement, which is a big step towards fair funding for racing. A Racing Right represents the Holy Grail of fair funding arrangements for racing and gambling. Most important of all, it would create a level playing field and a sustainable future for Britain’s second most popular sport.
“The Government is clearly listening to the voice of the sport, to secure future finances, and ultimately find a solid foundation for a proper commercial relationship between racing and bookmakers which, after all, depend on one another. Today’s news provides a bright future for Britain’s sport of kings.”