It could have been worse - but the budget heaps more pressure on British racing's leadership

Rachel Reeves's first budget as chancellor will be far from painless for British racing but it could have been worse.

Had the Treasury adopted proposals calling for major increases in gambling duties then the sport would have faced a crisis as bookmakers offered less attractive odds to customers, withdrew offers and cut back on marketing.

Talks over levy reform could have been holed beneath the waterline and future media rights deals much harder to negotiate.