Betfred says gambling tax rise in budget will force it to shut all its UK shops

A branch in Birmingham. Gordon Brown has argued that extra tax revenue be used to alleviate child poverty. Photograph: Christopher Thomond/The Guardian

Betfred has said it will close all 1,287 of its high street betting shops if Rachel Reeves raises taxes on the gambling industry in next month’s budget.

The company’s threat comes amid speculation that the chancellor is considering a tax increase worth up to £3.2bn on sports betting to help to close a potential £30bn shortfall in the public finances.