Billionaire supporter of the Labour Party, John Caudwell, has called on the Chancellor to increase taxes on online gambling companies, stating that they create chaos in society.
The founder of Phones4U also advocated for higher taxes on alcohol and tobacco. He emphasized the need for a bold approach to public finances by Labour’s Rachel Reeves and Sir Keir Starmer, expressing that the upcoming Budget in November will be crucial for the Government.
Caudwell suggested that Labour should reconsider its promise not to raise taxes on the working class and proposed a 1p increase in VAT by Reeves. He endorsed the idea of imposing higher taxes on online gambling firms, aligning with former Prime Minister Gordon Brown’s view that targeting the industry’s profits could help alleviate child poverty.
In an interview with the Financial Times, Caudwell highlighted the negative impact of online gambling on society and suggested that implementing a tax on it could generate up to £5 billion. He also recommended introducing a “carbohydrate tax” to promote healthier food choices.
Reflecting on past budget decisions, Caudwell criticized Labour for raising employers’ national insurance contributions. Despite expressing disappointment with the current government’s performance, he clarified that he has no intentions of switching support to other political parties.
Caudwell expressed concerns about Nigel Farage’s Reform UK party’s immigration stance and its lack of alignment with his environmental priorities. Notably, he emphasized his commitment to philanthropy and responsible tax contributions.
Phones 4u, a major mobile phone retailer, was established by entrepreneur John Caudwell in the late 1980s. After selling the company for £1.5 billion in 2006, he ventured into property investments.
Regarding the suggestion of a wealth tax to address public finance challenges, Caudwell emphasized the importance of encouraging wealthy individuals to give back to society voluntarily. He emphasized his dedication to philanthropy over personal wealth accumulation.
In a previous interview with the Mirror, Caudwell expressed his distaste for being known solely as a billionaire, emphasizing that the impact of wealth lies in how it is utilized. In 2013, he became one of the first British billionaires to pledge a significant portion of his wealth to charitable causes.
