§ The national lottery has been an outstanding success and over £1 billion has been raised for good causes over the past year, but its success has affected other parts of the gambling industry in Britain.
§ I am satisfied that the industry's concerns arc genuine and I propose to cut general betting duty by 1 per cent. The benefits should be spread between the betting industry and horse and greyhound racing. If satisfactory agreement can he reached quickly, the duty cut can take effect from 1 March.
1065§ The pools companies have also been affected by the success of the national lottery. I propose to reduce pool betting duty by a further 5 per cent. from 3 December on top of a similar cut that I made last year. I am willing to reduce pool betting duty by a another 1 per cent. from 5 May, if the pools companies will agree to pass on that extra 1 per cent. equally to the Football Trust and the Foundation for Sport and the Arts. That reduction will help the trust and the foundation to continue their valuable work, and I am sure that it will be welcomed—indeed, it has been—on both sides of the House.