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Budget 2014: Ladbrokes see share price tumble on gambling tax rise

Budget 2014: Ladbrokes see share price tumble on gambling tax rise

Gambling firms are already feeling the effects of the announcement that the tax on betting terminals will be hiked to 25%.

Betting shop Ladbrokes suffered a share price drop of 12.6% to 139p, while William Hill's share price was down 6.2%, to 353.9p.

'Fixed odds betting terminals have proliferated since gambling laws were liberalised almost a decade ago.These machines are highly lucrative, and therefore it’s right we now raise the duty on them to 25%,' chancellor George Osborne said in his budget speech earlier this afternoon.

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Profile: The opportunity set that attracted Brett Williams to wealth management

Profile: The opportunity set that attracted Brett Williams to wealth management

Brett Williams is best known for helping to build some of the biggest platforms in the IFA market.He made the move over to wealth management to head SEI’s UK business earlier this year in the belief that this is where the best opportunities now lie.

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