Britain's opposition Labour Party will not introduce a 10 per cent levy on Premier League transfers if it wins the 2024 general election, party leader Keir Starmer said on Tuesday, in an attempt to end speculation that the tax was being considered.
Reforms of the laws governing football clubs would still be introduced by a Labour Party government but the fee is off the table, he said.
Labour reforms would be designed to prevent breakaways like the short-lived European Super League.
Six English premier league clubs - Manchester City, Arsenal, Manchester United, Chelsea, Liverpool, and Tottenham - announced in 2021 they would join a proposed new European Super League, which was scrapped two days later following a public backlash.
Shadow culture and sport secretary Thangam Debbonaire sparked reports Labour could introduce the transfer levy on Monday when she said she would “look at everything” proposed in a fan-led review of football governance.
The 10 per cent levy was proposed in the fan-led review chaired by former Conservative MP Dame Tracey Crouch in 2021.
Less than 24 hours later, Mr Starmer killed off the idea, telling LBC’s Nick Ferrari it was “not part of our plans for football governance”.
“Let me just kill it dead, we’re not looking at that,” he said.
Mr Starmer has already announced plans for Labour to introduce its own football governance bill that would make sure lower-tier clubs are financially sustainable.
"Too often, clubs and fans are being let down by the wild west within the football pyramid," Mr Starmer said on a trip to League 1 club Bristol Rovers FC.
"That's why we will legislate for the long-awaited independent football regulator. In the face of continued threats of breakaways from some European clubs, we have to do this,” he added. “On my watch, there will be no super league-style breakaways from English football."
In its manifesto, Labour said: "We will never allow a closed league of select clubs to be siphoned off from the English football pyramid."
Ms Debbonaire was asked during the visit to Bristol Rovers whether she would consider reviving the transfer levy, which was recommended in a 2021 fan-led review but not taken up by the Conservatives in their version of the bill.
That legislation was set aside after the general election was called for July 4.
"I'm going to look at everything again that was in Tracey Crouch's fan-led review," Ms Debbonaire said.
"A club like this, it's not the wealthiest club in the world, and it wants to be able to invest in infrastructure.
"It wants to be able to make sure that facilities are good for the future. That does take money, so I'm going to look at absolutely everything that might help increase the financial sustainability."
However, she did not commit to a timeframe.
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
The specs: 2019 Lincoln MKC
Price, base / as tested: Dh169,995 / Dh192,045
Engine: Turbocharged, 2.0-litre, in-line four-cylinder
Transmission: Six-speed automatic
Power: 253hp @ 5,500rpm
Torque: 389Nm @ 2,500rpm
Fuel economy, combined: 10.7L / 100km
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A
UAE central contracts
Full time contracts
Rohan Mustafa, Ahmed Raza, Mohammed Usman, Chirag Suri, Mohammed Boota, Sultan Ahmed, Zahoor Khan, Junaid Siddique, Waheed Ahmed, Zawar Farid
Part time contracts
Aryan Lakra, Ansh Tandon, Karthik Meiyappan, Rahul Bhatia, Alishan Sharafu, CP Rizwaan, Basil Hameed, Matiullah, Fahad Nawaz, Sanchit Sharma
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
How to invest in gold
Investors can tap into the gold price by purchasing physical jewellery, coins and even gold bars, but these need to be stored safely and possibly insured.
A cheaper and more straightforward way to benefit from gold price growth is to buy an exchange-traded fund (ETF).
Most advisers suggest sticking to “physical” ETFs. These hold actual gold bullion, bars and coins in a vault on investors’ behalf. Others do not hold gold but use derivatives to track the price instead, adding an extra layer of risk. The two biggest physical gold ETFs are SPDR Gold Trust and iShares Gold Trust.
Another way to invest in gold’s success is to buy gold mining stocks, but Mr Gravier says this brings added risks and can be more volatile. “They have a serious downside potential should the price consolidate.”
Mr Kyprianou says gold and gold miners are two different asset classes. “One is a commodity and the other is a company stock, which means they behave differently.”
Mining companies are a business, susceptible to other market forces, such as worker availability, health and safety, strikes, debt levels, and so on. “These have nothing to do with gold at all. It means that some companies will survive, others won’t.”
By contrast, when gold is mined, it just sits in a vault. “It doesn’t even rust, which means it retains its value,” Mr Kyprianou says.
You may already have exposure to gold miners in your portfolio, say, through an international ETF or actively managed mutual fund.
You could spread this risk with an actively managed fund that invests in a spread of gold miners, with the best known being BlackRock Gold & General. It is up an incredible 55 per cent over the past year, and 240 per cent over five years. As always, past performance is no guide to the future.
PREMIER LEAGUE FIXTURES
Saturday (UAE kick-off times)
Watford v Leicester City (3.30pm)
Brighton v Arsenal (6pm)
West Ham v Wolves (8.30pm)
Bournemouth v Crystal Palace (10.45pm)
Sunday
Newcastle United v Sheffield United (5pm)
Aston Villa v Chelsea (7.15pm)
Everton v Liverpool (10pm)
Monday
Manchester City v Burnley (11pm)
MATCH INFO
What: Brazil v South Korea
When: Tonight, 5.30pm
Where: Mohamed bin Zayed Stadium, Abu Dhabi
Tickets: www.ticketmaster.ae