bacta Response to Autumn Budget

“Bacta welcome the freeze on MGD but is deeply concerned at the other hikes in the costs of doing business” - John Bollom, Bacta President

Responding to the Autumn Budget 2024, John Bollom, Bacta President said,

“This first Budget of the Labour Government was always set to have profound implications for our sector.

“In the run up to the Budget there was media speculation about a doubling of Machine Games Duty (MGD). We had no option but to take this seriously and campaigned hard to make sure this did not happen. We lobbied the Treasury, 10 Downing Street, the Opposition front bench and MPs from across the political spectrum. We were pleased to see our campaign reported in The Sun, The Telegraph and The Daily Express.

“We are relieved the Chancellor has listened to our representations. Such an increase in MGD would have had dire consequences for Bacta members, wiping out profit margins across the sector.

“What gives us most concern about the Budget are the raft of proposals which will hike the cost of doing business, not least the increase to Employers’ National Insurance contributions to 15% and a 6.7% increase in the National Minimum Wage. Enough is enough. These increases are taking us close to breaking point and come on top of two successive years of double-digit growth in the minimum wage.

“The Chancellor said this was a Budget for growth. If she genuinely wants growth she must stop punishing business and the Government must push ahead with the Gambling White paper reforms and permit a Stakes and Prizes review as soon as possible.”

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31 October 2024

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