Major figures within the betting sector are expressing strong opposition to reports that Chancellor John Healey may increase taxes on high-street slot machines in his upcoming budget. The industry is pressing the government to reject the proposed rise in machine games duty (MGD), which would double the current rate from 20% to 40%.
Proponents of the tax increase, notably the Social Market Foundation thinktank, argue that the change could generate between £275 million and £460 million annually. This revenue would be added to the approximately £610 million already collected from the duty in the previous year.
However, gambling industry executives warn that such a significant hike could have severe negative consequences, potentially leading to the closure of betting shops and substantial job losses across the country.
Seems cruel to target the most vulnerable spots in town. The £3 a day gambler gets hit hardest.
They always predict doom and gloom when taxes rise. Will the government really listen to industry lobbyists?
I work at a local branch and we rely on these slots. What happens if we lose our jobs over this?
£460 million is a huge sum for the Treasury. Is it really wrong to tax a lucrative industry?
Double the tax? That will wipe out margins for small shops immediately. Closures are inevitable.