Prize money on offer next year is expected to be the highest in British racing history following the contributions put forward by the Jockey Club and the Horserace Betting Levy Board.

The Jockey Club has announced a record contribution during 2014 of STG19.5 million ($A36.25 million), while the HBLB's allocation is set to pass STG56 million ($A104 million), which is up STG6 million ($A11 million) on last year.

"We forecast that prize money in 2014 will reach a new record and exceed STG123 million ($A229 million)," Paul Bittar, chief executive of the British Horseracing Authority, said.

"This increase is evidence of the benefits of stronger collaboration amongst racing's key stakeholders together with a more constructive approach to working with the betting industry.

"The two main developments contributing to the increase have been the securing of Prize Money Agreements or commitments from racecourses and the terms of the recent Levy deal and four-year arrangement with the major bookmakers."