Horserace Betting and Olympic Lottery Bill — 8 Jan 2004 at 17:50

I beg to move, That the Bill be now read a Second time.

The Bill covers two distinct subject areas, both of which are of considerable interest to the House, and I shall deal with each in turn. First, it deals with the Government's remaining involvement in the financing and administration of horse racing. Part 1 of the Bill covers the sale and dissolution of the Horserace Totalisator Board, normally known as the Tote. It provides for the vesting of the Tote's assets in a successor company wholly owned by the Crown, and the subsequent sale of that company. The Bill will enable the Government to deliver our manifesto commitment to sell the Tote to a racing trust, and to do so in a way that is fair to racing and to the taxpayer.

Question put, That the Bill be now read a second time:-

The House divided: Ayes 348, Noes 5.

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