Mr Timothy will lead a debate on the issue in Westminster Hall in London.

He has called for reformation to the betting levy as well as to betting affordability checks that he said were “disproportionate” – and putting betters off.

The betting levy is paid by bookmakers with annual gross profits on British horseracing in excess of £500,000 at a rate of 10%.

However it does not apply to bets made in the UK on international races.

“We have to change these things if we’re to make sure that horse racing is the success story in the future that it has been in recent years and continues to contribute to our local economy and to employ so many people in Suffolk,” he said.

Mr Timothy asked Ms Nandy during questions in the House of Commons if she would consider these changes.

“This is an industry that is worth four billion pounds to the UK economy so it is certainly something that this government takes incredibly seriously,” she said.

“Baroness Twycross is currently having discussions with representatives from across the industry and I’m sure she’d be delighted to also speak to my honourable friend to have those discussions as well.”