Racingpost Author Article

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On Wednesday, British racing goes dark, and so has the Racing Post front page. In an unprecedented act of protest, the sport has voluntarily cleared today's schedule to sound the alarm over a feared government tax raid that threatens the sport's future. 

Yet while there are no race meetings today, racing never stops. Across the country, more than 14,000 thoroughbreds are cantering up gallops, picking at grass and resting in stables. These animals are the physical embodiment of an old sport that fulfils a thoroughly modern purpose, supporting the jobs of some 85,000 people and contributing more than £4 billion to the British economy.

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That industry, those jobs and even those thoroughbreds are under threat. Racing, already reeling from the impact of bungled regulatory measures, now faces a tax grab that could cripple the sport.

Uniquely among sports, racing relies on betting for much of its funding. Each year around £350 million flows from bookmakers to racing via the horseracing levy, media rights and sponsorship deals. This money isn’t just what allows racing to be internationally competitive, it keeps the sport alive. 

Now the Treasury is considering whether to change the tax on gambling. If chancellor Rachel Reeves increases rates, the impact on racing will be severe. Modelling by the British Horseracing Authority suggests the annual impact of a five per cent increase on the sport would be £66m, equivalent to more than a third of total annual prize-money, the lifeblood of the industry.

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Racing is sometimes painted as a rich man's sport. But beneath the small elite is a vast grassroots, composed of grafters and dreamers, with a supporting ecosystem that spans the rural economy. It is impressive and important – but fragile. It is something that should be protected and nurtured, not just because it is part of our national fabric, but because it is a productive and valuable component of the British economy.

No one would envy Reeves her task when she sets the budget on November 26, but if she truly believes in growing the economy and supporting British business, she must think twice before launching a short-term tax raid with long-term consequences. Because if the government gets this wrong, there may be many more dark days with no racing. The chancellor has a choice: protect a national industry, or contribute to its demise.