Secretary of State for Culture, Media and Sport, Lisa Nandy has underlined the government’s commitment to ensuring the “players can continue to enjoy gambling as a pastime without the harms”.
Her comments come as trepidation within gambling elevates following proposals by two Labour-backing think tanks pitching the doubling of gambling tax, leading to warnings from the industry and analysts of the detrimental economic consequences.
Addressing Parliament, Nandy urged the house not to believe everything that they read in the papers, emphasising a desire to “strike the right balance” when it comes to regulation.
She added: “We’re aware of the value of this industry and the importance of it, not just to the UK economy, but to the joy that it brings to many, many people, and the employment prospects that it offers to people in every nation and region of the United Kingdom.
“We are also very aware of the problems that can be caused by problem gambling and, as the previous government did, we’re determined to talk to the widest range of partners to ensure that we strike the right balance to protect people from the problems that can ensue, but also to support the growing industry.”
Underpinning the sector’s commitment to working with the industry, she drew attention to the positive work of Gambling Minister, Baroness Twycross, who has “met with representatives from across industry and those affected by problem gambling in order to seek the widest range of views in order to ensure that this government has a robust policy in place”.
The importance of balance was also echoed by Flutter CEO, Peter Jackson, who provided insight in a LinkedIn post following the UK Investment Summit.
Jackson stated: “Consistency around fiscal policy is also paramount as it allows businesses like ours to invest with more confidence. With plenty of speculation around the taxation of our sector this week, it was perhaps timely that I warned of the unintended consequences of high taxes in an interview with the Financial Times published today.
“While my comments about balance were in relation to the US, the point can also be applied to the UK operating environment and elsewhere – setting too high a tax rate reduces competition, weakens the consumer offering, and can lead to a reduction in tax revenue. This is in no one’s interest.”
Nandy went on to provide an update on the statutory levy, as she revealed that the government is committed to “reviewing all of the available evidence and listening to the experiences of members of parliament”.
