Credit: Kevin Steinhardt
Yesterday’s Budget will mean that the high number of fixed-odds betting shops which have blighted Hackney’s high-streets will be forced to pay higher rates of tax.
George Osborne’s announcement of a 25 per cent tax on fixed-odds machines provoked reaction in betting firms shares with Ladbrokes dropping by 4.5 per cent and William Hill down by 3.8 per cent.
Hackney, which has a total of 65 betting shops, has been identified as a problem area, with the council passing several resolutions in an attempt to deal with the growing issue.
In November last year Hackney Council tabled a motion to prevent the leasing of council property where the fixed-odd terminals were present. The machines which allow users to place a bet of up to £100 every 20 seconds were described in the council Chamber as the, “crack cocaine of gambling” and as, “having turned every betting shop into a casino.”
Councillor Abraham Jacobson who brought the motion welcomed the Chancellor’s announcement but remained sceptical of whether this could fix the problem telling the Hackney Post; “About time too. But it won’t fix the problem. The issue is gambling is an addiction and the bookies are out there to rip people off.”
The Hackney north area of Stoke Newington where Mr Jacobson lives was placed 11 out of 632, “problem constituencies”, by the Gambling Commission and campaign group Fairer Gambling. When asked if he thought yesterday’s announcement could mean less betting shops in Hackney Mr Jacobson replied firmly in the negative.
Hackney businesses could also benefit from a £1,500 grant to those who hire apprentices, and the doubling of annual investment allowances to half a million pounds. This could mean more businesses in Hackney paying no tax on investments, encouraging them to expand and take on more staff.
John Cridland, CBI director-general, said: “The Budget will put wind in the sails of business investment, especially for manufacturers.”
John Allan, national chairman of the Federation of Small Businesses, said: “Today’s Budget offered a clear signal for businesses to grow through the increased investment allowance, and with a focus on manufacturing.”
Comment: The view from a Hackney business
Edward Benyon’s family has let around 300 properties in De Beauvoir since the mid-nineteenth century. Here he gives his take on some of the Budget.
“It’s very easy to criticise the scheme when you live in London. We’ve already got a bubble here and it may well not make much difference to people living here. But elsewhere in the country it can make a real difference.
“It’s important to get on the housing ladder but at the same time there should be nothing wrong with renting. We don’t need more legislation but there are some serious problems. It’s currently a landlord win, tenant lose situation. A landlord can currently kick out a tenant with two months notice. Something should be done.”
Additional reporting by Natasha Clark
