Horse Racing — House of Commons, 2021-09-23
Topic: Domestic Commerce
Matthew John David Hancock (Conservative, Centre-right): My hon. Friend has made his point very clearly. Thanks to the vaccine, we have been able to reopen racing after more than a year in which there were no crowds—and for 11 weeks in 2020, it was closed altogether. It is thanks to the vaccine that the crowds are back, and long may they remain so. I will avoid the particular issue of the passports question; I know that my hon. Friend feels very strongly about it, and perhaps it can be the subject of the next Adjournment debate Let me pick up the economic point that my hon. Friend has raised. Nationally, aside from its contribution of about £4 billion a year to the UK economy, racing as an industry has acted as a bridgehead for significant trade with and investment in the UK. I really want to land this point. Examples include massive investment in business, property and universities by investors who come to the UK because of our racing. As we work to build an outward-looking, international, free-trading global Britain, that investment is vital. In this mission, soft power is incredibly important, and when it comes to soft power, there is little more powerful than horse racing. Through the sport’s historic connection to what could be described as our oldest and most important soft power asset, the monarchy, countries and investors around the world are eager to see and invest in horse racing here in the UK. Our horses compete around the world, are watched on television around the world, and are loved around the world. For instance, Royal Ascot and the Grand National are broadcast to nearly 600 million people in 200 countries annually. We must safeguard and cherish this national treasure. We must not allow horse racing to fall behind in Britain Like many industries, racing has been hit significantly by the pandemic. We know that the lockdowns saved lives, and that without them we would have suffered much more, but we also know—and I know—that forcing businesses to close had a significant impact on our economy and on many industries. As I said earlier, in 2020 racing was closed for more than 10 weeks. Thanks to the vaccine, it has been able to reopen, but it is estimated that it lost between £400 and £450 million in revenues. I pay tribute to the Minister’s Department, to the policy officials, to Mark Hicks, the private secretary—he was my private secretary, and an excellent one at that—and to the Chancellor of the Exchequer, for implementing one of the most generous and successful support packages in the world. From speaking to my constituents, I know that without the furlough scheme and the £21 million of funding in the sport winter survival package, the racing industry, and all the jobs of those who work in racing, would have been wiped sideways. In spite of that great work, however, we still have a significant problem as we come out of the pandemic. Prize money—which is the lifeblood of the industry, enabling owners to generate a return on their investment—has fallen by 20% from 2019 levels. Sales of horses have fallen by over 20%, and more than 60% of major breeding operations are reporting declines in turnover. If we do not take action now, we will be overtaken by countries around the world as the global hub of racing, and we must not let that happen.