Matthew's Fight for the Future of Racing

As MP for Newmarket, the international home of horseracing, and a racing fan himself, Matthew works hard to support the racing industry. Racing in West Suffolk does not simply make a cultural contribution to local life, but an economic one as well. In Newmarket alone, racing provides around 5,000 jobs.

Despite being one of Britain’s most-loved sports and the second most-watched sport after football, racing’s funding is under serious threat.

The main problem is that racing has seen a dramatic decline in its funding from the Levy, the annual contribution from betting to gambling. In just three years the Levy has fallen from an average of £106 million to £59 million.

This is in large part because betting operators are exploiting a loophole in the law which allows them to operate offshore and avoid tax and Levy payments. Of the 20 main bookmakers, only two remain onshore. When they are offshore, they do not pay tax or contribute to the Levy.

On 14^th July, in a debate held by Matthew to push for action on this, the Department for Culture, Media and Sport announced the Government’s intention to close this loophole on the grounds of consumer protection. Four days later, the Treasury announced a consultation on closing the tax loophole.

Matthew is now fighting to ensure that this happens quickly. He recently secured another debate which he used to highlight the issue and press the Government to move forward more quickly.

After his most recent debate, Matthew commented:

“I am glad to have secured this debate on such a pressing issue. It is vital for the future of racing that we bring betting operators back under our tax and levy system. Only then can we start to look at how to reform the system more broadly.

“I welcome the recent progress the Government has made on this issue, but more urgently needs to be done. I want to see legislation to make legal tax avoidance into illegal tax evasion.”