Dan Skelton, a Warwickshire-based horse trainer, said: “As an industry we employ a lot of people, we take care of some great animals, we contribute a lot to the revenue at the moment within the UK.
“The whole thing will be impacted massively.
“We don’t want to see job losses and we don’t want to see a downturn in what we can contribute back to the government.”
A Treasury spokesperson said: “We know horseracing is part of the cultural fabric of the country, that’s why it’s the only sector that benefits from a government-mandated levy whilst betting at the races gets a 100% tax break – which we have no plans to change.
“The Chancellor has been clear that at Budget she will strike the right balance between making sure that we have enough money to fund our public services, whilst also ensuring that we can bring growth and investment to businesses in rural communities.”