According to a report, British Secretary of State for Culture, Olympics, Media and Sport Jeremy Hunt today announced his decision regarding the 50th Levy Scheme

.

An article by the BBC explains that the government in increasing the levy from 10 per cent to 10.75 per cent. The levy sees the betting industry funnel a percentage of its gross earnings back to the racing industry. As the report explains, monies taken in via the levy are then funneled toward veterinary science, prize money, training and breeding programs.

With the raise in the percentage, the levy should be between £73.7 million and £80.8 million.

Hunt was forced to act on the levy after discussions between the horse racing industry and bookmaking industry stalled, according to the article. An excerpt from a statement from Hunt said "It is really disappointing that two important industries have been unable to come to a sensible commercial agreement."

"Racing welcomes today's decision by Secretary of State Jeremy Hunt as a major step in dealing with long-standing failings of the current system," said Paul Roy, chairman of the British Horseracing Authority.

"It will halt the severe decline in the levy, and the damage this is doing to the sport."

(With files from the BBC)

Related Stories

• Report: Levy Announcement Soon
• Begging, Pleading For Change
• UK Bookmakers: Horse Racing Stuck In 1960s
• British Racing Levy Standoff Continues