Flutter plans up to 1,400 job cuts after tax rises

Paddy Power-owner Flutter says it plans to cut up to 1,400 jobs after tax rises on the gambling industry.

The main point: Flutter says it cannot fully absorb the higher taxes and will restructure its business.

The cuts are expected to hit staff in Leeds and Dublin most, with workers in the UK and Ireland business at the company’s Portugal and Romania sites also affected. The BBC understands London and Sunderland, as well as Malta and Gibraltar, could be involved too, but Flutter has not said which roles are at risk.

The company says the tax changes have “fundamentally changed” the economics of the UK betting and gaming industry. It also warned the rises could have a very significant impact on the wider market.