Betfred ditch Derby sponsorship and blame Healey Budget tax hikes

Betfred have pulled out of sponsoring the Derby, citing Chancellor John Healey’s tax hikes at last month’s Budget. The gambling firm signed a deal, in two parts, to sponsor five major racing meets in the United Kingdom known as the British Classics. Feature races include the Derby and Oaks at Epsom, the St Leger – which this year celebrated its 250th year this summer – at Doncaster and both the 1,000 and 2,000 Guineas at Newmarket. But tax hikes issued by both Rachel Reeves and Healey at consecutive Budgets have squeezed available spend on horse racing, resulting in Betfred – who are owned by the UK’s top taxpayer Fred Done – pulling their sponsorship.  A Betfred spokesman said: Following successive tax rises for the betting industry, and in particular the increase to machine games duty at the most recent budget, it is with great sadness that we have taken the difficult decision not to proceed with a three-year renewal of our sponsorship of the British Classics. It is not