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19 Jan 2023
The latest Economic Impact Study of the British thoroughbred breeding industry, commissioned by the Thoroughbred Breeders’ Association (TBA) and funded by the Racing Foundation and Horserace Betting Levy Board, reveals the British breeding industry adds £375m of gross value to the rural economy.
Building on reports published in 2014 and 2018, also partially funded by the Racing Foundation, the piece outlines the key opportunities and challenges for the sector and provides a blueprint for future progress.
Alongside British breeding’s vast contribution to the rural economy, the report highlighted Britain as being a world-leading producer of top racehorses and the foundation for a world-class racing programme.
“The report is timely as it coincides with the racing industry’s development of a new long-term strategy led by the BHA,” said TBA Chairman Julian Richmond-Watson.
“This is an opportunity to shape racing’s future and strengthen our position as a world-leader in thoroughbred racing and breeding.”
Ongoing issues with profitability in the middle and lower tiers of the market, where smaller operators continue to exit the industry and forecasted reductions on foal crops and broodmare numbers are two of the negatives highlighted in the report.
The previous reports enables the TBA greater insight into the health of the sector and allows identifications of positive impacts of industry intervention schemes such as the Great British Bonus, which has helped narrow the gap in average sales prices between colts and fillies at British sales.
“The long-term declining trend in the key indicators are an ongoing concern,” said TBA Chief Executive Claire Sheppard.
“But there are signs of hope for the future in the positive impact of the Great British Bonus on sales prices and owner returns.
“The report demonstrates that incentives and strategic interventions can work.
“We must learn from this and take forward a plan with the support of breeders in particular and the racing industry in general as part of racing’s new strategy.”
Rob Hezel, Chief Executive at the Racing Foundation who co-funded the report alongside the HBLB, said “The Racing Foundation are pleased to be financially supporting the TBA in the delivery of their on-going strategy.
“This Economic Impact Study will inform their future development and, importantly, the industry strategy that is currently being created.
“As advocates of evidenced-based decision making we are delighted this work has been undertaken.
“The Foundation looks forward to seeing the results inform future activities and improve the future of both thoroughbred breeding and horseracing in Britain.”
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