Stakes are high as bloodstock industry keeps on winning

Political Correspondent Carl O'Brien reports on how our generous tax regime has made horse breeding a big money business

IT'S sales day at Keeneland, Kentucky, one of the biggest horse auctions in the world, and a colt with a sticker on his hip bearing the number '356' walks nervously into the sales pavilion.

Bidders from all around the world are seated in the tiered 700-seat amphitheatre but everyone knows there are only two serious contenders for the horse with no name.