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Downing Street set to spearhead gambling reforms

Downing Street has taken control of the upcoming review of gambling legislation, due to be launched within weeks, amid a growing appetite for sweeping reform of the industry from Boris Johnson and his closest advisers.

The Department of Digital, Culture, Media and Sport (DCMS) is expected to kick off the long-awaited review this autumn but well-placed sources said Boris Johnson and his closest advisers were now steering the plans.

“The PM just sees it as people being exploited and it’s not him,” said one MP with intimate knowledge of discussions within Whitehall.

It is understood that Johnson’s closest adviser Dominic Cummings and Munira Mirza – director of the No10 policy unit – have both taken a personal interest in a push to overhaul the 2005 Gambling Act.

The legislation, introduced under Tony Blair, liberalised regulation of the sector, giving the UK some of the most relaxed gambling laws among major

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Start-ups get cash injection of £25m without risk of personal guarantee

As Companies House data shows a rise in start-ups born during the pandemic, new data has revealed that savvy entrepreneurs in the UK collectively secured £25m of funding for a new venture in the past three years through personal guarantee backed loans that were protected by Personal Guarantee insurance.

That means if the business does fail, 80% of the loan will be settled by the insurance rather than the business owner’s home, savings and other personal assets being called on to settle the debt.

As access to small business funding is increasingly expected to depend on signing a Personal Guarantee, Purbeck is urging start-ups to factor Personal Guarantee Insurance into their thinking when shopping for finance.

Todd Davison, MD of Purbeck Insurance Services said: “For many, borrowing money is their only way of starting and growing a business.  Creating a business is risky enough without taking on a personal guarantee

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Royal Mint to stop production of £2 and 2p coins due to excess stock

The Royal Mint will not produce any new £2 or 2p coins for at least a decade, as its stocks remain high because of the slump in use of cash, a trend that has accelerated during the coronavirus pandemic.

The rapid decline in demand for coins has left the Mint, which has been producing coins in Britain for more than 1,000 years, with a mountain of excess stock.

It reported in March 2020 that it had stocks of £2 coins 26 times over its target, and was eight times over target for 2p coins.

The fall in the use of cash has been detailed by a report from the National Audit Office (NAO), which monitors the effectiveness of public bodies.

A decade ago, cash was used in six out of 10 transactions, but by 2019 that had fallen to less than three in 10, and some forecasts suggest it may

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