Chancellor John Healey Considers Doubling Slot Machine Taxes
Chancellor John Healey is weighing a proposal to increase taxes on high-street slot machines to generate up to £460 million in annual revenue.
Chancellor of the Exchequer John Healey is considering an increase in taxes on high-street slot machines as part of his first budget. The proposal, put forward by the Social Market Foundation, suggests raising the machine games duty from 20% to 40%. This shift could generate between £275 million and £460 million in additional annual revenue for the Treasury.
The plan aligns with the approach of Andy Burnham, who has previously tightened licensing laws to restrict the opening of new gambling shops. However, the move has sparked a divide among industry leaders.
Fred Done, owner of Betfred, warns that the tax hike would lead to shop closures and job losses, which he argues would ultimately reduce the total tax revenue collected by the government. In contrast, Paddy Power co-founder Stewart Kenny has dismissed these warnings as "scaremongering."
