written and last updated by
Sam Smith at
23 Sep 2022
Journalist, Editorial Department
The UK government's new "Growth Plan" has been warmly received by the Betting and Gaming Council (BGC). Chancellor of the Exchequer Kwasi Kwarteng unveiled measures today aimed at stimulating the UK economy.
Rising prices had threatened to stagnate the British hospitality and entertainment sectors, prompting the BGC to call for greater government support in August 2022. At that time, the ruling Conservative Party was paralyzed by a leadership battle, but now that the contest has concluded, a path has opened for the approval of a new support package.
Kwarteng's so-called "mini-budget" primarily focuses on tax cuts and loans designed to assist British households and businesses this winter amid inflation and soaring energy costs.
Some critics have slammed the Chancellor's plans, arguing that the tax reductions disproportionately benefit the wealthy, but the BGC has expressed its strong support for Kwarteng.
BGC Chief Executive Michael Dugher stated that the government has "developed a bold plan" to steer the UK economy back on track. He remarked, "The regulated betting and gaming sector supports the government's growth plan and is ready to play its part in this ambitious program." Dugher also emphasized that a well-crafted regulatory framework will help businesses survive challenging conditions and pave the way for prosperity.
Of particular interest to the UK gambling sector is the planned freeze on corporate tax rates. In his address, Kwarteng announced that the corporate tax rate in the UK will not rise to 25% but will remain at 19%, making it the lowest among G20 countries.
Additionally, Dugher urged the government to revisit the long-awaited White Paper on gambling reform, the publication of which was postponed in July.
In related news, gaming provider Play’n GO has launched a new slot titled "ImmorTails of Egypt."
