Horseracing industry worth £240m a year to Newmarket economy

Horseracing at Newmarket.

A report has found the horseracing industry in Newmarket now contributes more than £240 million a year to the local economy.

That's a growth of more than £34 million over four years. The figures were published ahead of one of the racecourse's most popular events - the July Festival, which will attract around 40,000 people.

Cllr Lance Stanbury, Forest Heath District Council Cabinet member for planning and growth, said: "This updated report underlines the value and the contribution that the horseracing industry makes to our local economy.

"It also helps to confirm the common benefits that can be derived from a local authority working productively with a major local industry and employer.

"One example of which is the £15m National Heritage Centre for Horseracing and Sporting Art, which we delivered jointly and which is attracting increasing numbers of visitors to our district."