Levies thought to be under consideration by Rachel Reeves will remove profits, say bosses, with thousands of job losses

Betfred has said it will close all 1,287 of its high street betting shops if chancellor 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.