Hundreds of staff were putting the finishing touches to Ascot racecourse on Monday ahead of the five-day Royal meeting.The champagne is on ice, a variety of crustaceans have been plucked from the seabed and transported to Berkshire and the famous grey horses that lead the royal procession are ready to be harnessed.The most valuable, historic and glamorous show on turf is good to go.So it was a little jarring, to say the least, to spend an hour on Monday lunchtime in the company of assorted heavy-hitters from the racing industry and a pair of racing-friendly MPs from either side of the House, hearing warnings of a “triple whammy of challenges” that, according to a report from the All-Party Parliamentary Group (APPG) for Racing and Bloodstock which was published on Monday, “present no less than an existential threat to the sport”.John Gosden, who will saddle the hot favourite Field Of Gold in Tuesday’s St James’s Palace Stakes, the feature event on Royal Ascot’s opening day, was among them.

There were almost certainly things he would rather have been doing on the eve of the biggest meeting of the year, but he was keen to voice his support for the findings of the report, entitled Securing Racing’s Future: The Threat to British Horseracing.“We are liable to be actually brought down by this,” Gosden said.“Here, we have a gene pool of the thoroughbred that is by far superior to anything else in the world, and yet, we are going to blow it down the river.[And] what makes me beyond angry is that it’s never grasped how important we are internationally.”The report was co-produced by Dan Carden, the Labour MP for Liverpool Walton, and Nick Timothy, a Conservative whose West Suffolk constituency includes Newmarket, the joint-chairs of the APPG, but claims cross-party support for its concerns from both Liberal Democrat and Reform MPs.

In addition to a Treasury proposal to equalise the rate of duty payable on betting on sport with what is currently a higher rate for casino-style gaming products – which could reduce racing’s attractiveness as a betting medium for both operators and punters – the MPs’ report highlights the issue of “financial risk” checks on gamblers and an ongoing impasse over reform to the Levy system, which returns money to racing from off-course gambling, as the other components of its “triple whammy”.“The government needs to carefully consider the unintended consequences of its decision in all of these areas,” the report warns.“It is no exaggeration to say that the future of Britain’s biggest sport is on the line.”It was a sobering way to start Ascot week, but the report will form the basis of the British Horseracing Authority’s response to the Treasury’s proposals in a consultation process which is due to end on 21 July.And the serene self-confidence of the Royal meeting, with everything in its allotted place and, for the most part, just as it was two centuries ago will offer at least some reassurance as worries about what the future might bring are parked for the next five days for a celebration of the best of British racing.

The Breeders’ Cup in America has more Grade One races.Arc weekend at Longchamp has the richest event of the season and half a dozen Group Ones on a single afternoon.But neither can boast the variety or depth of quality that comes as standard at Royal Ascot, where the daily feature events at 4.20pm are joined by historic handicaps like the Wokingham and Royal Hunt Cup, where fields of up to 30 horses charge down the straight mile.Cheltenham’s festival in March is often seen as a more competitive meeting overall, but the average SP of the winners has been higher at Ascot in recent seasons.

It is a meeting that sets its stall out from the start, with a Group One at the top of the opening day card and two more in quick succession, and does not, by any reasonable assessment, have a single afternoon that ranks as either superior or inferior to the rest.Contrary to popular belief, in fact, Ladies’ Day on Thursday – when the Gold Cup, first run in 1807, is the feature event – has never been marketed as such by the track itself.And while other tracks struggle to shift tickets for their main events, Ascot is trying to find space to accommodate nearly 400 visiting executives from tracks around the world, eager to find out for themselves how Britain’s top racecourse seemingly goes from strength to strength.Without the grassroots industry to support it, of course, the top of the pyramid would soon topple.So this week’s Royal meeting, with the King and Queen in attendance for most or all of the days and horses drawn from around the world to compete, is a timely reminder that there are still some things that Britain does quite well and also, perhaps, that you do not know what you’ve got till it’s gone.

It adds an extra dimension to the St James’s Palace Stakes when the three major Guineas winners from Newmarket, the Curragh and Longchamp are in the field and Epsom’s loss is very much Royal Ascot’s gain following the late scratching of Ruling Court, the 2,000 Guineas winner, from the Derby 10 days ago.Ruling Court was half a length in front of Field Of Gold at Newmarket but John & Thady Gosden’s colt was finishing best of all after allowing Ruling Court to get first run, and subsequently trounced his field in the Irish equivalent at the Curragh.The market for Tuesday’s feature race on day one at Royal Ascot very much takes the view that Field Of Gold was unlucky at Newmarket, and he is odds-on to reverse the form with Ruling Court.Aidan O’Brien’s Henri Matisse (4.20), meanwhile, is third-favourite among the principals, despite having won the French 2,000 Guineas – around a right-handed bend on good-to-firm ground – with something to spare.

O’Brien has two stable companions in the field to ensure a strong pace, the race should set up ideally for Ryan Moore’s mount as a result and a price of around 7-2 looks more than fair for Henri Matisse to give his trainer a record-extending 10th win in the race.Royal Ascot 2.30 The first four home in the Lockinge Stakes renew rivalry in the traditional opener to the meeting and Notable Speech, fourth at Newbury but less than three lengths behind the winner, could find the most improvement back on a fast surface.Royal Ascot 3.05 Twelve of the 21 declared runners for the Coventry Stakes arrive here unbeaten, and American Gulf, who was well backed before a decisive debut win at Windsor, could spring a minor surprise at around 10-1.

Royal Ascot 3.40 Last year’s winner, Asfoora, arrives without a prep run this time around and is blinkered for the first time but she has won off a break in the past and is an obvious pick on last year’s form.Royal Ascot 5.00 All the focus is on Willie Mullins’s Reaching High in the royal colours, but his stable companion Poniros, the 100-1 Triumph Hurdle winner in March, is potentially very well handicapped returning to the Flat and the booking of William Buick suggests he is far from just a second-string.Stratford 2.

05 Market House 2.40 Duel Au Soleil 3.13 Alshadian 3.50 Carigeen Kampala 4.30 A Dublin Job 5.

10 FillyfudgeThirsk 2.15 Royal Fixation 2.50 Ghaiyya 3.23 Blue Anthem 4.00 Captain Vallo 4.

40 Blue Rc 5.20 Golden Rainbow 5.50 Jojo RabbitRoyal Ascot 2.30 Notable Speech (nb) 3.05 American Gulf 3.

40 Asfoora 4.20 Henri Matisse 5.00 Poniros 5.35 Ecureuil Secret (nap) 6.10 CharlusSouthwell 5.

25 Frostmagic 5.55 Keldeo 6.30 Your Love 7.00 Irish Dancer 7.30 Panelli 8.

00 Time Allowed 8.30 Petra Celera 9.00 Loch LevenBeverley 6.15 Command The Stars 6.45 Forest Caper 7.

15 Dumfries 7.45 Freddy Robinson 8.15 Little Ted 8.45 Triple ForceRoyal Ascot 5.35 This is a significant step up for Ecureuil Secret after a convincing handicap success at Epsom’s Derby meeting but he already looks like a much-improved performer after being gelded over the winter.

Royal Ascot 6.10 Willie Mullins is going for a hat-trick in this 14-furlong handicap and while the lightly raced Charlus was beaten out of sight on his latest start in the Triumph Hurdle, he showed distinct promise in four starts on the Flat for Jean-Claude Rouget in France.