Billionaire supporter of the Labour party, John Caudwell, has called on the Chancellor to impose higher taxes on online gambling companies, stating that they create disruptions in society. Caudwell, the founder of Phones4U, also advocated for increased taxes on alcohol and tobacco products. He encouraged Rachel Reeves and Labour leader Sir Keir Starmer to adopt a bold financial strategy, emphasizing the importance of the upcoming Budget in November for the Government’s success.
In an interview with the Financial Times, Caudwell emphasized the negative impact of online gambling on society, proposing a tax on online gambling that could potentially generate up to £5 billion in revenue. Additionally, he suggested implementing a “carbohydrate tax” to promote healthier food choices.
Caudwell, who previously supported the Conservative party but backed Labour in the last general election, aligned himself with the call for higher taxes on online gambling firms. He highlighted the potential benefits of taxing the gambling industry, citing former Labour Prime Minister Gordon Brown’s views on the matter.
Expressing his views on Labour’s past financial decisions, Caudwell criticized the increase in employers’ national insurance contributions in the previous Budget. He recommended that Labour reconsider their pledge not to raise taxes on working individuals, proposing a 1p increase in VAT by Reeves.
Despite expressing some dissatisfaction with the current government under Keir Starmer, Caudwell asserted that he had no intention of switching his support to any other political party. He voiced concerns about the Reform UK party’s stance on immigration and climate change, aligning himself with policies promoting the green economy.
Phones4u, the mobile phone company founded by Caudwell in the late 1980s, was sold for £1.5 billion in 2006, leading him to amass a significant fortune and venture into property investments. Caudwell has consistently opposed the idea of a wealth tax, preferring to encourage wealthy individuals to engage in philanthropy and pay taxes voluntarily.
In a previous interview with the Mirror, Caudwell emphasized his desire not to be solely remembered as a billionaire, highlighting his commitment to philanthropy and participation in initiatives like the Giving Pledge.