Labour MPs call for further increases to gambling tax

90 Labour MPs have written to the Chancellor calling for an increase in Machine Games Duty on gambling machines in the Autumn Budget later this month.

This follows last year’s Budget, which almost doubled gambling duties.  Before last year’s Budget, 101 Labour backbenchers similarly called for an increase in gambling duties.

The latest proposals are estimated to result in the closure of nearly 1,500 betting shops and 34 casinos across the UK.

The implications will also be felt in Gibraltar as many of the large gambling groups have both substantial online operations in Gibraltar and a retail presence in the UK, including gaming machines in betting shops and casinos. Any increase in duty will therefore affect the wider group balance sheets.

Trade and Industry Minister Nigel Feetham says:

“This was always a risk, and it is precisely why I have invested considerable time and effort through my international outreach programme in diversifying Gibraltar’s economy and reducing our reliance on the UK.

In my speech at the Financial Services Lunch on Monday, I will reinforce the message that these developments underline the importance of our economic strategy: continuing to strengthen and diversify Gibraltar’s economy and building greater resilience to external policy decisions over which we have little control.”