Indecon Report on Irish Horse Racing Industry

Indecon Report on Irish Horse Racing Industry

The Minister for Agriculture, Food and the Marine, Simon Coveney TD, published the Report produced by Indecon, independent economic consultants, following the completion of their review of certain aspects of the Irish Horse Racing Industry.
The Minister said “The Irish bloodstock industry is of enormous economic benefit to this country, providing 16,000 jobs, almost €1bn in economic output with exports worth some €157m to 35 countries in 2011 and my overall objective, which is shared by the Government, is to ensure that the sector’s world class standing and reputation is protected and maintained into the future”.
The Review included an in-depth analysis of the legislation and certain aspects of the governance structures and funding of the Irish Horse Racing Industry. The Minister said “The Report contains recommendations aimed at securing the viability and sustainability of the horse racing industry so that it can make the maximum contribution to the economy”. Minister Coveney noted the Report’s recommendations cover five broad areas:

• Funding of the industry 
• Structure, size and nomination process of the Board of Horse Racing Ireland (HRI)
• Opportunities for streamlining the functions of HRI the Racing Regulatory Authorities (Irish Turf Club/Irish National Hunt Steeplechase Committee)
• Legislative changes regarding appropriate governance for the sector.
• Strategies to optimise the marketing and competitiveness of the sector

The Minister said that the report recognised that the horse racing sector is an important indigenous sector which has the potential to increase Ireland’s export earnings and employment. Indecon strongly supports sufficient and sustainable funding for the sector but this must be accompanied by an equal priority to maximise efficiency, effectiveness and value for money. In this regard the Minister pointed out that the Government had recently published the Betting (Amendment) Bill 2012 to put into effect the extension of betting duty to remote and online betting operators. Minister Coveney said he will have the Indecon recommendations on the manner in which the proposed taxation will be levied examined in this context.
The Minister indicated that he will consider the detailed recommendations in the report and take decisions in September on implementation. “I believe it is important that action is taken on foot of the report without undue delay in order to ensure the continued development of the horse racing sector in terms of setting high standards internationally andin Ireland where in many respectsit is a flagship industry for this country”, concluded the Minister.
 
Click here to read the full report  [1]