DEVELOPING: Betfred Warns of Mass Shop Closures as Reeves Considers Crushing Gambling Tax Hike

Breaking News: Betfred Warns of Mass Shop Closures Amidst Rumored Tax Hike Betfred's co-founder and chairman, Fred Done, has warned that all 1,287 of the company's shops could close if Chancellor Rachel Reeves hikes taxes on gambling firms. The potential closure would put 7,500 jobs at risk. The warning comes as Reeves is reportedly considering a significant tax increase on the industry in the upcoming Budget. Betfred's chairman described tax rises as the "biggest threat" to the industry in his 57 years of experience. Reeves has previously stated that she believes gambling firms should pay their fair share of taxes, and has been encouraged by former Prime Minister Gordon Brown to use revenue from a tax hike to reduce child poverty. The Institute for Public Policy Research (IPPR) think tank estimated over the summer that additional taxes on the industry could raise £1 billion. The exact timing and details of any potential tax increase are still unclear. Betfred's chairman has called on the government to reconsider its plans, warning that mass shop closures would have devastating consequences for employees and local communities. This is a developing story, with further updates expected in the coming days as the Budget approaches. *This is a developing story. Updates will be provided as more information becomes available. Based on reporting from Bbc.*