Gambling taxes kick Ladbrokes owner Entain out of the Footsie with Easyjet taking its place
Summary
Ladbrokes owner Entain is set to be relegated from the FTSE 100 after its shares fell 40 per cent over the past year, driven by increased gambling taxes. Chancellor Rachel Reeves raised the remote gaming tax from 21 per cent to 40 per cent and the online sports betting levy from 15 per cent to 25 per cent in her last Budget. Entain warned these rises will cost it £150million this year and an additional £100million in 2027, leading to the closure of 70 shops. The company has urged the Government to halt further tax increases to prevent more closures.
Housebuilder Persimmon will also exit the FTSE 100 after being impacted by a weaker housing market, driven by the war in the Middle East, which has pushed up mortgage rates and damaged consumer confidence. They will be replaced in the top index by easyJet, whose shares surged after agreeing to a £5.7billion takeover, and North Sea oil and gas operator Ithaca Energy, which has benefited from higher energy prices. Additionally, troubled luxury car maker Aston Martin has dropped out of the FTSE 250. The quarterly index reshuffle takes effect from September 21.
(Source:Mail Online)