Monday, January 21, 2019
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Tag: Philip Hammond

Gambling not alone as ‘sin’ taxes increase across tobacco and alcohol

The latest budget from UK chancellor of the exchequer Philip Hammond has increased tax on online casino games in a bid to cover the £1.15bn lost by the treasury in capping FOBTs. However, gambling wasn’t the only so-called ‘sin’ sector to be hit by the government’s drive to end austerity across public services, with alcohol and tobacco also facing duty...

Chancellor ignores industry calls to cut the FOBT stake now

Chancellor Philip Hammond budget speech FOBT stake cut
The odds of Philip Hammond bringing the stake cut on FOBTs forward to immediate effect were not that bad going into this week’s Budget Statement. You’d have thought that the weight of public pressure would have shortened the chances to a near favourite. But you’d have thought wrong, as did the entire amusement and soft gaming industry. The chancellor...

Enforce the FOBT stake – or we’ll do it for you, say legislators

FOBT, politics, government, Philip Hammond,
A coalition of over thirty members of parliament and peers have called on the Chancellor to enforce the government’s promised reduction in FOBT stakes - and have pledged to take matters into their own hands if he does not. In a joint letter published last week in Parliament’s The House magazine, signatories from all major parties and both chambers praised...

Hospitality leaders rally against tourism tax plans

Senior figures within the UK hospitality industry have hit out over tourism tax proposals that could have a significantly damaging effect on the crucial market sector. Key voices within the hospitality industry have urged chancellor Philip Hammond policy to override plans to impose a tourism levy on overnight stays in major UK cities. A number of councils, including those in Birmingham,...

Treasury branded “morally reprehensible” over FOBT cut delay

philip hammond chancellor
In Money Vs. Morality round two, chancellor Philip Hammond is against the ropes once again, with MPs branding the reported 2020 delay to FOBT maximum stake cuts as “morally reprehensible”. MPs including former Tory leader Iain Duncan Smith, Carolyn Harris, and Ronnie Cowan, have written a letter to the Prime Minister urging her step-in on the FOBT stake cut implementation...

Britain’s biggest bookies lose £1bn after FOBT stake decision

Coinslot bookmaker William Hill Amaya
Share prices of some of Britain’s biggest bookmakers have plummeted after Government sources said Chancellor Philip Hammond is ready to cut the maximum stake on fixed odds betting terminals - from £100 to £2. More than £1.1 billion has been wiped off the value of bookies after speculation of Hammond’s decision. William Hill took the biggest hit, with its shares down...

A man for all seasons: Chancellor delivers spring, but the frost still bites

Coinslot chancellor Autumn Statement Philip Hammond REVIEW
The Chancellor claimed he had a spring in his step when he delivered his interim budget statement last week. But, whilst he certainly wasn’t Zebedee, there was a tiny hint of magic being sprinkled on the Treasury’s roundabout. For the amusements and hospitality sector, the magical stuff came shoved in a bag of reviews and consultations, and we know...

Treasury try to stem momentum on £2 FOBT stake

Treasury FOBT stake
As one would expect with the tumultuous debate over FOBTS, as the picture gets clearer, the mist swoops in to cloud the vision. When you thought it was impossible to halt the £2 maximum stake momentum, the Chancellor has, according to newspaper reports, stepped in to stop the surge. Money, surprise, surprise, sits at the very heart of the...

Pre-Triennial treasury signal? Economic argument for FOBT maximum stakes dismissed

As the industry awaits the Triennial Review consultation document, expected before the end of October, analysts have labeled treasury secretary Chris Philip MP’s recent support for a £2 maximum stake as “particularly significant”.   Hammond’s backing came in the form of a ResPublica report recommending a £2 maximum stake, along with speculation on how much influence the conservative minister holds within...

Bacta press home calls for progressive review to enhance economy

Coinslot - John White review
Bacta chief executive John White has reassured members that contrary to recent speculation, the review of FOBT stakes has not been shelved and is encouraging chancellor Philip Hammond to take a holistic view of the broad and powerful economic benefits contained within the association’s triennial submission.   Commenting on last week's story which appeared in the Daily Mail, White said: “I...

Tory budget offers scant relief in face of pint price hike

Coinslot - Budget relief pint price hike
Philip Hammond’s spring budget has offered the British pub industry a small level of rate reliefs whilst hiking up the alcohol duty in a move that could add a £125m to the cost base of pubs.   The UK Government’s spring budget has offered a mixed result for the British pub industry, with underwhelming rate relief measures being offered in an...

Pub sector gives Hammond a frosty reception

Coinslot Pub sector
Although it did receive a little attention in the Chancellor’s Autumn Statement, the pub industry appeared roundly unimpressed with the overall package. The pub industry has expressed its discontent with Chancellor Philip Hammond’s debut budget, despite the inclusion of a freeze on beer duty and 100 percent rates relief for rural pubs. In particular, pubs were concerned about an issue also...

BHA upset by tourism VAT cut snub in Autumn Statement

Coinslot BHA Tourism
The British Hospitality Association has described last week’s Autumn Statement as a “missed opportunity” for British tourism. It was upset that chancellor Philip Hammond made no move to reduce VAT on attractions, accommodation and restaurants in his first fiscal announcement since the UK’s referendum on EU membership. Along with BALPPA, Bourne Leisure and Merlin Entertainments, the association has lobbied hard for...

Autumn Statement: Mixed, modest and for the medium term

Coinslot chancellor Autumn Statement Philip Hammond REVIEW
As the new chancellor of the exchequer announces modest changes to wages, business rates and corporation tax, industry assesses the implications of the first fiscal package since Brexit.   The new chancellor Philip Hammond’s first (and apparently last) Autumn Statement was littered with tidbits for Britain’s shopkeepers, with net reactions ranging between strong, safe, and slightly disappointing. Among the headline announcements for...