Chancellor of the exchequer Kwasi Kwarteng, appointed under prime minister Liz Truss’s cabinet, has unveiled a package of measures to boost growth and enhance competitiveness in the finance sector. BGC chief executive Michael Dugher has expressed support for this plan and predicts the creation of 15,000 new jobs in the industry by 2027. He emphasizes the importance of a suitable regulatory framework to facilitate economic revival.
Dugher highlights the role of the regulated betting and gaming sector in contributing to the growth agenda. He underscores the sector’s support for high streets through bookmakers and its significance in the hospitality, tourism, and leisure sectors via casinos and bingo. Additionally, the BGC is committed to supporting the government’s Levelling Up initiative and emphasizes the sector’s substantial contribution to local economies.
Dugher reiterates the industry’s call to revise the long-awaited gambling white paper, emphasizing that the right regulatory framework can foster growth and enhance player safety. He urges the government to collaborate with the industry in order to realize progress on the white paper.
Recent reports indicate that there are rumors of the government shelving the Gambling Act review. While some may find this encouraging, Regulus Partners analyst Dan Waugh warns that it could be detrimental to the industry.
