WHY GORDON BROWN'S TAX HIKE WOULD DO MORE HARM THAN GOOD, SAYS BGC

"We completely reject the proposals by the IPPR, which Gordon Brown has based his calls for a drastic tax hike on, and which will only hit ordinary punters. These proposals are economically reckless, factually misleading, and risk driving huge numbers to the growing, unsafe, unregulated gambling black market, which doesn't protect consumers and contributes zero tax.

"BGC members contribute £6.8bn to the economy, generate £4bn in tax, while supporting 109,000 jobs.

"It’s also incorrect to suggest horseracing is taxed at a higher rate. General Betting Duty is 15 per cent across all sports. Conflating the separate Levy with tax is misleading, as the Levy goes directly back into racing to support the sport.

"Further tax rises, fresh off the back of Government reforms which cost the sector over a billion in lost revenue, would do more harm than good - for punters, jobs, growth and public finances."