British farmer warns of ‘catastrophic’ impact of Labour’s inheritance tax raid: ‘Absolutely ludicrous!’

Citing pressure on "public finances", Reeves claimed the tax raid will be put back into "improving our public services and putting our public finances on a firm footing".

Ahead of a meeting with Government today, President of the National Farmers' Union Tom Bradshaw stated that Labour have "misunderstood" how the change will impact farmers, and that they have made a "massive mistake".

Speaking to GB News, Lincolnshire farmer Andrew Ward expressed his outrage at the decision and how "catastrophic" it will be for the agricultural industry.

Ward explained: "I was watching the whole bBudget in the office on the television, and it was like watching a horror movie.

"Everything that was announced is absolutely catastrophic for British farming, for family farms and general food production in the UK."

Responding to Reeves's comments on putting the money back into the NHS and public services, Ward fumed that Reeves has done to benefit the economy will actually do "the opposite".

Ward told GB News: "They've said that they want to bring stability to the economy, but actually doing what they've done is exactly the opposite.

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"As a farmer, I understand tax profits, but taxing the means of where that profit comes from is absolutely ludicrous."

He added: "And I think we also need to look at food. Do the government want us to produce food in this country, or do they want to fly it in thousands of miles from abroad? Because that's what will happen if this whole tax is not reversed."

Noting the unpredictability of British farming due to the country's weather conditions, Ward stressed that they've had the "wettest 18 months on record", which has severely affected crop growth.

Ward said: "We've had a third of the farm this last harvest not growing any food at all because of the weather. And that is a huge problem for us financially to have to stomach.

"So if we don't make a profit and we're open to the constraints of the weather, where are the profits coming from to pay this tax?"

Issuing a warning to Labour, Ward explained that imports on food could increase significantly if farms are forced to pay the tax.

Ward said: "Food security is so on a balance at the moment. We import 40 per cent currently, and that will go up massively if this whole tax thing is not reversed.

"I know we have ten years to pay it, but the cost of everything in operating the farm with machinery, it's £1million might buy a combine and two tractors, so that's the threshold. Whoever advised the government, I would like to know and why they set it at £1million."