Levy Board may have to keep calm and keep carrying on until 2019

Time will tell whether the Levy Board annual report laid before parliament this week will become a collectors' item.

Another set of accounts will be published next summer but by then, according to the government's timetable, the organisation will have been abolished and there will be no need for it to assess the risks to its future and whether it remains a going concern, and maybe no requirement for chairman Paul Lee to put his thoughts down on paper.

The plan is for the Levy Board's responsibility for collecting levy income to pass on to the Gambling Commission from the end of March 2018, with a new Racing Authority set to make decisions on how those funds are spent.