Business
MPs urge Reeves to tax online betting games to reflect the harm they cause
The government has been told by MPs that it should not “cave in to industry scaremongering” about the negative effects of taxing online betting games, and that it should tax them at a rate that reflects the harm they can cause.
The recommendation from the cross-party Treasury committee comes just weeks ahead of Rachel Reeves’s Budget, in which she will be looking to plug a substantial gap in the public finances.
In its report, released on Friday, the committee warned that online betting can lead to harmful, addictive, high-frequency gambling that delivers no benefit to the people taking part, their families or their communities.
The report urged the government to “more sharply recognise that different types of gambling inflict different levels of harm”, and recommended that this be reflected in its approach to taxing the activity.
The committee’s report said that while various forms of gambling, ranging from seaside arcades and bingo through to betting on the races and football, are safely enjoyed by many people, there is “another side to the industry”.
The shift towards online betting games has picked up pace in recent years, with the proportion of the “gross gambling yield” associated with remote gaming rising from 12 per cent in 2014 to 44 per cent in 2024.
The committee had called for evidence of the possible effects of taxing the activity, as it held a series of sessions examining the choices faced by the chancellor in her forthcoming Budget. It said it rejected the industry’s assertion that gambling causes no social ills. It also heard evidence that it said both supported and challenged the gambling industry’s concern that increased taxation could drive more customers to the black market.
The committee said it recommends that the government examine how to tackle black-market gambling, and consider whether additional anti-tax-avoidance measures were needed.
The chair of the Treasury select committee, Dame Meg Hillier, said: “Whether at a local racetrack or a seaside arcade, for many people, gambling is a fun pastime enjoyed with family and friends. But we heard that the industry is hiding its more insidious parts behind the friendly facade of its traditional, cultural forms.
“For too many people, the highly addictive and harmful nature of online betting games has seriously impacted their lives and the lives of those around them. The impacts of problem gambling in our communities are plain to see, and the industry’s boldfaced claim to our inquiry that it does no social harm is staggering.
“Online betting games are extracting huge amounts of money from people who have been funnelled into the most addictive, harmful corners of the industry via their love of sports or the occasional game of bingo. We are urging the government not to cave in to industry scaremongering, and to tax online betting games at a rate that reflects the level of harm they inflict.”
The chief executive of the Betting and Gaming Council (BGC), Grainne Hurst, said: “Further tax increases on the regulated online sector risk undermining consumer protections by pushing players towards the unsafe, unregulated black market – while reducing Treasury revenues and cutting the vital funding our members provide to British sport, including horseracing, football, rugby league, darts and snooker.
“We have always recognised that betting and gaming can lead to harm for a small minority, which is why our members are investing more than ever in safer gambling – including new stake limits on online gaming, enhanced affordability checks, swift data-driven interventions, robust advertising safeguards, and funding for a new £100m statutory levy for research, prevention, and treatment to tackle problem gambling and related harm.”
Ms Hurst added: “BGC members contribute £6.8bn to the economy, generate £4bn in tax, and support 109,000 jobs, while facing an effective tax rate of up to 80 percent when duties are combined with corporation tax, business rates, national insurance, VAT, and the new statutory and economic crime levies.
“Much is at stake in the chancellor’s Budget. Get it wrong, and it’s not just jobs and growth that will suffer, it’s safer gambling itself. To protect consumers and support a safer, stronger industry, we must keep gamblers playing within the regulated market.”
A spokesperson for Flutter UK and Ireland, whose brands include Paddy Power, Sky Betting & Gaming, Sportsbet and Tombola, said: “It’s not scaremongering to suggest that tax rates of 50 per cent on machine games and online games such as bingo – as demanded by the Institute for Public Policy Research – could have a significant impact on the industry, jobs and investment.
“A tax rise is not a free hit.”
Business
FAA announces flight reductions at 40 airports. Here’s where cuts are expected and what travelers need to know
A Republic Airways plane takes off near the air traffic control tower at Ronald Reagan Washington National Airport (DCA) in Arlington, Virginia, US, on Tuesday, Oct. 28, 2025.
Samuel Corum | Bloomberg | Getty Images
Airlines rushed to provide travelers updates this week after the Federal Aviation Administration said it would reduce flights across 40 airports as the longest government shutdown in history continues to drag on.
Many major airlines said they would waive cancellation fees for even their most basic tickets, which often come with penalties for changes.
Transportation Secretary Sean Duffy previously said he would reduce flight capacity by roughly 10%, affecting 3,500 to 4,000 flights daily.
On Thursday, the FAA formalized a list of affected airports and clarified the reductions would begin at 4% and slowly ramp up to 10% by Nov. 14. The reductions began Friday morning with more than 700 flight cancellations.
These are the airports that are expected to be impacted, including some of the country’s largest airports and major international hubs in Atlanta, Chicago, Dallas, Los Angeles and New York City.
Impacted airports:
- ANC – Anchorage International
- ATL – Hartsfield-Jackson Atlanta International
- BOS – Boston Logan International
- BWI – Baltimore/Washington International
- CLT – Charlotte Douglas International
- CVG – Cincinnati/Northern Kentucky International
- DAL – Dallas Love
- DCA – Ronald Reagan Washington National
- DEN – Denver International
- DFW – Dallas/Fort Worth International
- DTW – Detroit Metropolitan Wayne County
- EWR – Newark Liberty International
- FLL – Fort Lauderdale/Hollywood International
- HNL – Honolulu International
- HOU – Houston Hobby
- IAD – Washington Dulles International
- IAH – George Bush Houston Intercontinental
- IND – Indianapolis International
- JFK – New York John F. Kennedy International
- LAS – Las Vegas McCarran International
- LAX – Los Angeles International
- LGA – New York LaGuardia
- MCO – Orlando International
- MDW – Chicago Midway
- MEM – Memphis International
- MIA – Miami International
- MSP – Minneapolis/St. Paul International
- OAK – Oakland International
- ONT – Ontario International
- ORD – Chicago O’Hare International
- PDX – Portland International
- PHL – Philadelphia International
- PHX – Phoenix Sky Harbor International
- SAN – San Diego International
- SDF – Louisville International
- SEA – Seattle/Tacoma International
- SFO – San Francisco International
- SLC – Salt Lake City International
- TEB – Teterboro
- TPA – Tampa International
(The airport in Las Vegas was renamed the Harry Reid International Airport in 2021.)
On Wednesday, Duffy said the reduction was a “proactive” measure because of the delays and cancellations already occurring due to the shutdown. Air traffic controllers, who are considered essential employees required to work during a shutdown, have missed paychecks, and the FAA has said the closure has also raised concerns about already thin staffing among controllers.
Duffy said he expects more cancellations as a result of the reduction, which has no set end time.
“We thought 10% was the right number based on the pressure we were seeing,” Duffy added.
Earlier this week, Duffy told CNBC’s “Squawk Box” that he could “shut the whole airspace down” if the shutdown drags on.
FAA Administrator Bryan Bedford said Wednesday that additional measures may be implemented after the reduction, which he said he has never seen before in his time in the industry. The officials said they were planning to meet with airlines to discuss which flights would be cut.
Airline response
In a Wednesday memo to United Airlines employees, CEO Scott Kirby said the carrier will not be reducing long-haul international flying and hub-to-hub flying, instead reducing regional and domestic flights that do not fly between hubs.
The airline also offered all customers refunds even if their flights are not impacted. Kirby said that included “non-refundable tickets and those customers with basic economy tickets.”
On Thursday afternoon, the airline preemptively said it was going to cancel 4% of its flights from Friday through Sunday.
In a statement, Delta Air Lines said it expects to operate the “vast majority” of its flights as scheduled and will offer changes, cancellations or refunds for customers’ flights during the impacted period. Delta also said that would include basic economy fares, without penalty.
The airline added on Thursday afternoon that it will cancel flights a day in advance to allow customers enough time.
Frontier Airlines CEO Barry Biffle said he highly recommends travelers flying Friday or in the next 10 days book a backup ticket on another carrier as the flight reductions begin to avoid getting stranded due to cancellations.
“I’m sorry this is happening. Hopefully the shutdown is over soon,” Biffle wrote on LinkedIn. “Just giving everyone practical travel advice.”
American Airlines said it expects that the “vast majority of customers’ travel will proceed as planned,” adding that the carrier will reach out to travelers proactively as schedule changes occur.
The airline also said that it will offer immediate rebooking options for all impacted travelers and that customers whose flights are canceled for any reason will be able to change their flight or request a refund without penalty. As of Thursday morning, the airline was still awaiting clarifying information from the FAA about which of its flights will be impacted.
Southwest Airlines also released a statement saying that the majority of its flights will not be impacted and that its international flights should operate as usual. The airline said it will “proactively communicate well in advance and will offer flexibility in travel plans.”
The Association of Flight Attendants, representing 55,000 flight attendants at 20 airlines, released a statement Wednesday urging Congress to end the shutdown so air traffic controllers and Transportation Security Administration workers can get paid.
“The false narrative that this shutdown is a choice of either paying federal workers or protecting affordable healthcare is outrageous when both crises were manufactured by the exact people who can fix it,” the statement read.
What travelers need to know
Passengers check in at an American Airlines’ counter at Ronald Reagan Washington National Airport in Arlington, Virginia, the United States, on Oct. 10, 2025.
Li Rui | Xinhua News Agency | Getty Images
Experts recommend consumers who are set to travel in the next week stay on top of flight cancellations and delays through the websites and apps.
Nick Ewen, senior editorial director at travel site The Points Guy, said flexibility “is going to be key” as travelers rush to rebook, adding it’s important to download each airline’s mobile app and enable all notifications.
“A lot of the times, you have to actually enable notifications on individual trips or in your account to text you if there are changes or disruptions,” Ewen told CNBC.
He recommended anyone with nonurgent travel reschedule their trips, though that likely only applies to a small number of travelers, and consider choosing other forms of transportation instead. For essential trips, Ewen said passengers should be prepared for long wait times, use self-service rebooking tools, and be aware of the fact that many other people will also be rebooking and scrambling for limited seats.
Ewen said he has been covering the industry for many years, and the last time he and his colleagues saw a major, national disruption in air travel like this was 9/11.
“The biggest thing is a lot of kindness goes a long way,” he said. “So if you’re at an airport and you find out that your flight is canceled, I promise you screaming at that airline employee is not going to get you rebooked any faster — in fact, it’s probably going to make them less likely to be willing to help you. So recognize that everyone is in this together.”
AAA spokesperson Aixa Diaz said the company recommends arriving at the airport extra early to avoid long lines and avoid checking in a bag if possible in case flights get canceled.
“Ultimately, there’s a lot that’s out of travelers’ control — so control what you can, and be as flexible as possible,” Diaz said.

Travel insurance
Travel insurance can reimburse consumers for certain costs and inconveniences incurred from a trip disruption, like flight cancellations, delays, lost luggage, or unforeseen costs for lodging and meals.
Consumers have been buying travel insurance at an elevated rate amid the government shutdown, but travel and insurance experts warn that such policies don’t offer blanket protection for shutdown-related travel snafus, and a lot depends on the fine print.
For example, a policyholder generally can’t get insurance benefits if they choose to cancel their travel plans to avoid any headaches. Cancel-for-any-reason coverage is an exception, though it also comes with its own caveats.
Whether or not a policyholder gets compensated may come down to the rationale an airline provides for a delayed or canceled flight.
Many insurers only pay benefits if a delay or cancellation is attributable to a “common carrier” disruption like a mechanical failure, travel experts said.
“Airlines typically won’t cite causes other than operational terms like ‘mechanical issues’ or general delays, cancellations, or lost belongings, even during a government shutdown,” Lauren McCormick, a spokesperson for Squaremouth, an online platform for comparing travel insurance policies, wrote in a recent blog post. “So, these are generally still covered under most comprehensive travel insurance plans.”
— CNBC’s Phil LeBeau contributed to this report.
Business
Airlines cancel more than 700 U.S. flights as FAA-ordered shutdown cuts begin
Travelers wait in line at a security checkpoint at O’Hare International Airport in Chicago, Illinois on November 7 2025.
Kamil Krzaczynski | Afp | Getty Images
U.S. airlines started cancelling hundreds of flights on Friday, hours after the Federal Aviation Administration ordered the cuts amid the more-than-monthlong government shutdown.
The cuts were ordered as air traffic controllers have missed their paychecks due to the government shutdown, now the longest in U.S. history. Air traffic control staffing shortages have been disrupting flights at several major U.S. airports, vexing travelers and airline executives alike.
Air traffic controller shortages were delaying flights at several major U.S. airports on Friday, including Newark Liberty International Airport in New Jersey, San Francisco International Airport and Hartsfield-Jackson International Airport in Atlanta.
The sudden flight cuts this week forced airlines to scramble with schedule adjustments and make sure crews are where they need to be despite the last-minute changes.
More than 700 U.S. flights were canceled as of 9 a.m. ET Friday, according to aviation data firm Cirium, about 3% of the total schedule for the day. That scale of disruption is fairly common for routine disruptions like major thunderstorms, but the Department of Transportation warned that cancellations could ramp up.
According to the FAA’s order, the flight cuts will increase to 10% over the next week, beginning with 4% on Friday, 6% by Tuesday, 8% by Thursday and finally 10% on Nov. 14.
Friday’s cancellation levels were the 72nd worst for the U.S. flights market since Jan. 1, 2024, according to Cirium. That period also included a Southwest Christmas meltdown after severe weather and mass delays at Delta Air Lines last summer in the wake of a CrowdStrike tech outage.
The financial impact of the latest disruptions isn’t immediately clear. The cancellations could help lift airlines’ unit revenue with customers competing for fewer seats, “but we also believe the prolonged shutdown and widespread cancelations will impact booking demand in the near term,” Scott Group, an airline analyst at Wolfe Research, wrote in a note Friday.
The cuts come during a generally low-demand period for travel ahead of the Thanksgiving holiday, but it still sent many travelers searching for alternatives. Rental car company Hertz said that reservations over the past two days for one-way rentals spiked more than 20% from the same period last year.
Major network airlines said the disruptions were largely centered on regional flights that fly to smaller cities. United Airlines, for example, said its hub-to-hub flying and its long-haul international flights wouldn’t be canceled because of the order.
American Airlines, for its part, said it was limiting disruptions to customers by avoiding cuts to routes it only flies once or twice a day. Instead, the airline is trimming a few flights a day from high-frequency markets – like reducing daily departures between its hub at Dallas Fort Worth International Airport to Northwest Arkansas National Airport from 10 to eight, and Boston Logan International to Ronald Reagan Washington National from 10 to nine.
The airline canceled 221 flights on Friday, according to CEO Robert Isom, who said the airline is “frustrated” with the reduction.
Isom said on CNBC’s “Squawk Box” that the airline is working to ensure flights to all destinations still remain in place, but that the frequency of those flight paths are decreasing.
“What we’ve done today is we tried to minimize the impact on all of our customers — there’s only 220 flights out of 6,200, flights, and we’ve done it in a way that really impacts our smaller aircraft,” Isom said. “This level of cancellation is going to grow over time, and that’s something that is going to be problematic.”
What passengers need to know
Airlines offered travelers alternative flights and waived change fees for affected customers.
Experts recommend staying on top of changing schedules by checking airline apps and websites, as well as checking the fine print on travel insurance.
AAA spokesperson Aixa Diaz said the company recommends arriving at the airport 2 hours early to avoid long lines and avoid checking in a bag if possible in case flights get canceled, though flexibility will be the most important for all travelers during this period.
Travel insurance experts warn that policies don’t always offer blanket protection for shutdown-related changes, and that refunds can often come down to the specific rationale used by the airline to determine the cause of delay or cancellation.
According to Lauren McCormick, a spokesperson for travel insurance platform Squaremouth, airlines sometimes won’t cite causes other than general delays even during a shutdown, which could make it harder to get a refund.
Here’s where flights are expected to be cut, per the FAA and DOT order:
Impacted airports:
- ANC – Anchorage International
- ATL – Hartsfield-Jackson Atlanta International
- BOS – Boston Logan International
- BWI – Baltimore/Washington International
- CLT – Charlotte Douglas International
- CVG – Cincinnati/Northern Kentucky International
- DAL – Dallas Love
- DCA – Ronald Reagan Washington National
- DEN – Denver International
- DFW – Dallas/Fort Worth International
- DTW – Detroit Metropolitan Wayne County
- EWR – Newark Liberty International
- FLL – Fort Lauderdale/Hollywood International
- HNL – Honolulu International
- HOU – Houston Hobby
- IAD – Washington Dulles International
- IAH – George Bush Houston Intercontinental
- IND – Indianapolis International
- JFK – New York John F. Kennedy International
- LAS – Las Vegas McCarran International
- LAX – Los Angeles International
- LGA – New York LaGuardia
- MCO – Orlando International
- MDW – Chicago Midway
- MEM – Memphis International
- MIA – Miami International
- MSP – Minneapolis/St. Paul International
- OAK – Oakland International
- ONT – Ontario International
- ORD – Chicago O’Hare International
- PDX – Portland International
- PHL – Philadelphia International
- PHX – Phoenix Sky Harbor International
- SAN – San Diego International
- SDF – Louisville International
- SEA – Seattle/Tacoma International
- SFO – San Francisco International
- SLC – Salt Lake City International
- TEB – Teterboro
- TPA – Tampa International
(The airport in Las Vegas was renamed the Harry Reid International Airport in 2021.)
— CNBC’s Greg Iacurci contributed to this report.
Business
‘Unsubstantiated Rumours’: RBI Dismisses Reports Of Selling 35 Tonnes Of Gold
New Delhi: The Reserve Bank of India (RBI) on Friday denied social media claims that it sold 35 tonnes of gold from its reserves, calling them “unsubstantiated rumours”. In a post shared by the PIB Fact Check Unit on X, the central bank clarified that no such sale had taken place and urged the public to rely only on official sources for verified information.
The RBI also advised users to refer to its official website for accurate data and updates. “Reserve Bank of India, through PIB Fact Check Unit, has debunked claims that 35 tonnes of gold have been sold by RBI from its reserves. RBI cautions against unsubstantiated rumours on social media. For any information pertaining to RBI, please visit the official website http://rbi.org.in,” the RBI posted on its official X handle.
The clarification comes amid heightened global interest and volatility in the gold market, as several major central banks continue to ramp up their gold purchases. Emerging market economies, in particular, have been increasing their gold holdings to diversify away from the US dollar — a trend that gained momentum after the freezing of Russia’s reserve assets in 2022.
This strategic accumulation has pushed gold’s share of total global reserves to over 20 per cent, reinforcing its status as a “sanction-proof” store of value. Meanwhile, analysts note that the ongoing rally in gold prices is also linked to what’s known as the “debasement trade” — the idea that political uncertainty could weaken the dollar and fuel inflation, prompting investors to turn to gold as a safe haven.
However, recent market data suggests otherwise, as both the US dollar and Treasury yields have remained stable, contradicting the notion of a weakening currency environment.
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