Mecca owner's shares surge 8.6% after bingo duty cut

Shares in Mecca owner Rank surged 8.6% following the Chancellor's duty cut announcement, which it called "an important boost" for Britain's bingo clubs.

Rank, which operates 97 Mecca Bingo clubs, said that as a result of the duty change it would be able to invest in the development of three new clubs and safeguard the future of a number of existing clubs.

General view of a Mecca Bingo hall in Wandsworth, south west London.
Rank, which operates 97 Mecca Bingo clubs said the announcement was 'an important boost' Credit: Dominic Lipinski/PA Wire

Chief executive Ian Burke said, "By bringing bingo duty into line with other forms of gaming entertainment, the Government has created a basis for renewed investment and innovation."

George Osborne's Budget confirmed the duty on bingo will be reduced to 10%

Osborne's Budget for 'makers, doers and savers': Latest updates

Advertisement

Osborne: Budget for 'makers, doers and savers'

The Chancellor George Osborne has unveiled measures to benefit pensioners and savers in his penultimate Budget before the election. But he has warned Britain is still set to face years of austerity, despite improved economic forecasts.