'End of family farms': Farmer explains 'disastrous' effects of Budget on farming. Will Sargent admitted that Labour's new Budget will cause many farmers to 'go out of business' due to the inheritance tax relief associated with it.
Angry farmers rounded on Labour yesterday as they threatened ‘militant’ action over inheritance tax changes.
The Government announced in the Budget that inheritance tax will be charged at 20 per cent on farms worth more than £1million. Chancellor Rachel Reeves caused fury over the weekend after she insisted that ‘only a very small number of agricultural properties’ will be affected. Read More Furious farmers call on Labour to axe its inheritance tax raid ahead of key meeting with ministers He said of furious farmers: ‘I have never seen the weight of support, the strength of feeling and anger that there is in this industry today.
When asked about fears over the mental health of farmers following the announcement, Mr Bradshaw said there could be some ‘very, very tragic unintended consequences’ but that he did not want to speculate further. Yesterday, ministers faced questions from MPs on the issue, with many stressing that farms were often asset rich but cash poor, with many making no money.
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