Business
Betfred says all its shops may close if Reeves hikes gambling tax
All 1,287 Betfred shops could disappear from the UK High Street if Chancellor Rachel Reeves hikes taxes on gambling firms, the company’s co-founder and chairman has told the BBC.
Fred Done, who set up Betfred in 1967 with his brother, said a closure of that size would put 7,500 jobs at risk.
The billionaire businessman said tax rises were the “biggest threat” to the industry in his 57 years. It echoes similar warnings from other gambling brands.
Increasing taxes on betting firms in the Budget has been suggested to the chancellor. She recently told ITV: “I do think there is a case for gambling firms paying more… they should pay their fair share of taxes and we will make sure that happens.”
Reeves has been encouraged by former Prime Minister Gordon Brown to increase taxes on the gambling sector and use the revenue from that to reduce child poverty.
The Institute for Public Policy Research (IPPR) think tank estimated over the summer that additional taxes on the industry, as high as 50%, could raise £3.2bn.
At the time the Betting and Gaming Council, which represents gambling companies, called Brown’s plan “economically reckless”, saying it would push gamblers into the black market.
Betting companies have resisted calls for taxes to rise. Up to 200 William Hill retail outlets could close if the industry faces higher taxes, its owner Evoke said earlier this month.
Betfred’s Mr Done said that if taxes on UK gambling companies increased he would also feel compelled to close his High Street shops.
“It [tax] doesn’t even need to go up to 50%. If it went up to anywhere like 40% or even 35% there is no profit in the business. We would have to close it down. I’m talking job losses. We’re talking probably 7,500,” he said.
He said 300 of his shops were “currently losing money” and claimed a 5% increase on gambling taxes would raise that number to 430.
“Once the [UK] industry is closed down, it’s gone. People will still bet, but they’ll bet offshore with it. There’s plenty of bookmakers offshore who happen to take the bets, who don’t pay anything to this country,” he said.
Punters’ winnings from gambling are not taxed in the UK, nor is VAT charged on bets. However, the gambling industry pays extra taxes, including:
- a tax of 21% on online casino gaming stakes
- duty of 20% on slots and gaming machines
- general betting duty on sports fixtures of 15%
- general betting duty on horseracing of 15%
Mr Done said recent increases in employer National Insurance Contributions (NICs) and the minimum wage had already added £20m to his company’s costs.
He agreed that, like with banking or buying clothes, customers are increasingly going online, making it inevitable to close betting shops.
Rival firm Paddy Power on Thursday said it would close 57 shops across the UK and Republic of Ireland, citing increasing cost pressures and challenging market conditions.
“Slowly it will go online, but we’re talking, without tax increases, we’ve still got probably 20 years of life on the High Street,” said Mr Done.
“And you know, the UK High Street is being decimated with closures.”
In its most recent annual results, Betfred took in nearly £1bn of revenue, but made an operating profit of just £500,000 after a series of writedowns on its assets.
The family-owned company has bases in the UK, Gibraltar, the US and South Africa, with investment in both online gambling and High Street sports betting.
Critics point to the social and financial harm caused by gambling. Office for Health Improvement and Disparities research from 2023 estimated the excess costs of harmful gambling to be between £1bn and £1.77bn.
Prof Ashwin Kumar, director of research and policy at the IPPR, said higher taxes were needed on the industry, particularly for online betting, to reflect the negative consequences gambling has on some people.
“We know that most of the profits made by gambling companies come from a very small number of gamblers, many of whom are at risk of serious harm. And so we think that the duties should be higher, just like tobacco and alcohol.”
Charity GambleAware, which supports people with gambling addiction, said “further regulation” was needed on advertising to help protect children and young people, as well as to raise awareness about the risks.
But Mr Done argues that UK-based, High Street betting shops provide better safeguards for people with gambling problems, as well as tax revenues, than online and offshore rivals.
As to whether he thinks his appeal to keep taxes as they are will win over the chancellor, Mr Done said “we’re 10 to one against”, which suggests it’s odds on that many betting shops will close.
A HM Treasury spokesperson said: “We do not comment on speculation around future changes to tax policy.”
Last Updated:
Gold is sold at a discount in Dubai due to Middle East conflict disrupting flights. Traders offer up to $30 per ounce less than London prices.
Dubai Gold Selling Cheaper As Iran War Grounds Flights
Gold is being sold at a discount in Dubai as the widening conflict in the Middle East disrupts flights and hampers the movement of bullion from one of the world’s key trading hubs.
According to a Bloomberg report, traders in Dubai are offering discounts of up to $30 per ounce compared to the global benchmark price in London. The unusual price cut comes as shipments remain stranded due to flight disruptions triggered by the escalating conflict involving Iran and Israel.
Dubai is a key global centre for refining and exporting gold to markets across Asia, including India. However, partial airspace restrictions and heightened security risks have slowed the movement of bullion out of the region.
Why Gold Is Being Sold Cheaper
Gold is typically transported in the cargo holds of passenger aircraft. With several flights from the UAE restricted amid regional tensions, traders are struggling to move bullion to international markets.
At the same time, insurance and freight costs have surged, making shipments more expensive and uncertain. Many buyers have therefore stepped back from placing new orders, unwilling to bear high logistics costs without assurance of timely delivery.
To avoid paying prolonged storage and financing costs while shipments remain stuck, some traders are offering gold at discounted prices.
Although transporting bullion by road to airports in neighbouring countries such as Saudi Arabia or Oman is theoretically possible, logistics firms are reluctant due to the risks and complications of moving high-value cargo across land borders during a conflict.
What It Means For India
India, one of the largest buyers of gold shipped from Dubai, could face short-term supply disruptions if the situation continues.
Renisha Chainani, head of research at Augmont Enterprises Ltd., said several cargo shipments have already been delayed, creating temporary tightness in the availability of physical bullion in India.
However, industry experts as reported by Bloomberg say the immediate impact may remain limited as domestic inventories are currently comfortable after heavy imports earlier this year.
Chirag Sheth, principal consultant for South Asia at Metals Focus, said Bloomberg that India has ample stocks for now, but warned that prolonged disruptions could eventually affect supply if the conflict continues for several months.
Meanwhile, global gold prices have surged this year amid geopolitical uncertainty, with spot gold recently trading above $5,000 per ounce.
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March 08, 2026, 10:03 IST
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Some seven in 10 British adults without a full driving licence say learning to drive is currently unaffordable, according to a survey.
The figure is even higher among younger people, with 76% of 18 to 29-year-olds without a licence saying driving lessons are financially out of reach, the poll for car insurer Prima found.
Overall, 38% said the cost of driving lessons was the biggest deterrent to learning to drive.
Some 32% were put off by the price of buying a car and 15% said the cost of car insurance was the main barrier to learning to drive.
Almost half (45%) said they would consider learning to drive if it became significantly cheaper.
Nick Ielpo, UK country manager at Prima, said: “For a growing number of people, driving is no longer a symbol of freedom – it’s a financial stretch too far.
“Between lessons, buying a car and insuring it, the upfront and ongoing costs are pricing many people out before they even start.”
Find Out Now surveyed 1,134 adults who do not hold a full driving licence between January 21 and 23.
KARACHI:
The Pakistan Stock Exchange’s (PSX) KSE-100 index experienced a sharp decline in the outgoing week, closing at 157,496 points, down 6.3% week-on-week, or 10,566 points.
This follows last week’s fall and brings the cumulative decline from its January 2026 peak of around 189,167 points to nearly 17%. The sell-off was driven by heightened geopolitical tensions stemming from the US-Iran conflict, which has rattled regional markets and prompted investors to reduce exposure amid fears of broader instability, rising energy prices and domestic security concerns.
On a day-on-day basis, the PSX commenced the week with its historical single-day decline as the benchmark KSE-100 index plunged 16,089 points, or 9.57%, to close at 151,973. Next day, it staged a partial recovery, with the index advancing 5,159 points, or 3.39%, at 157,132.
On Wednesday, however, the PSX witnessed a directionless session, when the KSE-100 closed at 155,777, down 1,355 points (-0.86%). The PSX recorded a sharp rebound on Thursday, with the benchmark index gaining 5,433 points (+3.49%) to close at 161,211. The market closed the week on a cautious note as the KSE-100 dropped by 3,715 points (-2.30%) to settle at 157,496.
In its weekly report, Arif Habib Limited (AHL) mentioned that the KSE-100 index witnessed a lacklustre performance during the outgoing week, closing at 157,496 points, down 6.3% WoW (10,566 points) amid geopolitical tensions due to the US-Iran conflict. The Consumer Price Index (CPI) for February 2026 hit 7% year-on-year, the highest level since October 2024, compared to 5.8% in January 2026.
Among other economic data, a trade deficit of $3 billion was recorded in February. Exports amounted to $2.3 billion (-8% YoY) while imports reached $5.3 billion, down 1.6% YoY. Total cement dispatches for the month rose 12.53% YoY to 4.19 million tons compared to 3.73 million tons in February 2025. Provisional urea offtake remained subdued, falling 28% YoY to 251k tons, marking the lowest monthly offtake.
AHL mentioned that gas production edged down 0.1% WoW to 2,687 million cubic feet per day (mmcfd) in the fourth week of Feb’26, while oil output fell 2.9% WoW to 59,103 barrels per day. A total of Rs581.7 billion was raised in the T-bill auction on Wednesday, with yields increasing across all tenors by 21.5 to 39.3 basis points. The government’s debt increased by 1% month-on-month to Rs79.3 trillion (+10% YoY) as of Jan’26 against Rs72.1 trillion in Jan’25.
Pakistan’s liquid foreign exchange reserves were recorded at $21.4 billion, up by $26.2 million, comprising $16.3 billion with the State Bank and $5.1 billion with commercial banks, AHL added.
Muhammad Waqas Ghani, Head of Research at JS Global, noted that the KSE-100 extended its decline during the week as heightened geopolitical tensions weighed on the market. The index dropped 10,566 points (-6.3%) WoW, following last week’s 5,108-point decline, pushing the cumulative fall from its January 2026 peak of 189,167 points to nearly 17%.
Market activity remained volatile throughout the week as investors continued to reduce exposure amid regional tensions and domestic security concerns. Sentiment also remained cautious ahead of key macro developments, with the IMF mission currently engaging with Pakistani authorities for the third review of the loan programme.
According to the Pakistan Bureau of Statistics, the inflation clocked in at 7% YoY for Feb’26, the highest since Oct’24. “We expect the SBP to keep its policy rate unchanged at 10.5% in the upcoming meeting as rising global oil prices may add to inflationary pressures,” he said.
Pakistan was exploring options to manage a potential gas shortfall after Qatar Energy halted LNG production following Iran’s attacks. On the other hand, Saudi Arabia assured Pakistan of secure oil supplies through the Port of Yanbu on the Red Sea to help meet energy needs. The government was also reviewing a proposal to shift to weekly revision of petroleum prices from fortnightly reviews, the JS head of research said.
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