The Irish Government will reduce its contribution to the Horse and Greyhound Racing Fund by 13%.  The proposed cuts were announced during the 2010 budget speech on Wednesday.

Irish Thoroughbred Breeders’ Association (ITBA) said it would have a disastrous impact on the racing and breeding industries.

“It could prove to be the last straw,” ITBA chairman Joe Foley claimed.  “Over one quarter of racing’s budget has been slashed in the last two years and this latest cut could prove to be catastrophic for our industry.

“In a budget touted by the Minister of Finance as one with an emphasis on job creation and protection, his measures will surely lead to significant further job losses in the bloodstock industry.

“As a billion euros industry that is a major exporter, an intensive employer in rural areas and an industry in which the Irish are world leaders, it is very disappointing that our current government has effectively wrecked the efforts of many people over the last 30 years to grow our industry to be recognised throughout the world.

“Losing the stallion tax exemption in 2008 is having a major negative effect on the stallion industry, and with Irish sales companies reporting approximately 65% aggregate falls in the last two years, the breeding industry in Ireland is on its knees.

“Our only hope for our industry lies in the government’s planned overhaul of the betting industry and it is to be hoped that a proper funding mechanism be put in place, as exists in all other countries, so that the Irish Horse industry is not at the whim of various governments in the future.”