Billionaire supporter of the Labour Party, John Caudwell, has suggested that the government should impose higher taxes on online gambling companies, stating that their activities lead to significant societal issues. He also advocated for increased taxes on alcohol and tobacco products. Caudwell emphasized the need for a bold financial approach by Labour leaders Rachel Reeves and Keir Starmer, pointing out that the upcoming Budget in November will be crucial for the Government’s future.
In an interview with the Financial Times, Caudwell proposed implementing a tax on online gambling to potentially generate up to £5 billion in revenue. Additionally, he recommended the introduction of a “carbohydrate tax” to promote healthier food choices. Caudwell criticized Labour’s past Budget decisions, particularly the rise in employers’ national insurance contributions.
Expressing his dissatisfaction with the government’s performance thus far, Caudwell rated their efforts at 3/10, but indicated he would give a higher score if they acknowledged past mistakes and implemented more effective policies. Despite his reservations about Keir Starmer’s administration, Caudwell affirmed his commitment to supporting Labour over other political parties.
Caudwell also criticized Nigel Farage’s Reform UK party for its harsh stance on immigration and lack of alignment with his environmental concerns. The entrepreneur, known for founding Phones 4u and subsequently becoming a prominent property investor, has previously cautioned against implementing a wealth tax, emphasizing the importance of philanthropy and responsible tax contributions.
Reflecting on his legacy, Caudwell expressed a desire not to be solely remembered as a billionaire, highlighting his philanthropic endeavors and participation in initiatives like the Giving Pledge.