Labour minister defends inheritance tax changes despite furious backlash from farmers: ‘Biting off the hand of someone that feeds you!’

For estates valued above this threshold, a reduced rate of 20 per cent inheritance tax will apply. Jones emphasised that the changes primarily affect larger estates, stating, "Over half of that just went to 63 estates in the country, with an average value of about £8 billion."

He assured that most small and medium-sized farms would remain largely unaffected by the new policy.

Farmers have expressed deep concerns about the inheritance tax changes. James Fairlie, a seventh-generation farmer, told GB News the policy could be "D-Day for agriculture".

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He warned it threatens the tradition of passing farms through generations. Bizza Walters, a 26-year-old Warwickshire farmer, told Sky News she might have to sell land to pay the tax if her family members died.

The National Farmers' Union president, Tom Bradshaw, said the policy "will snatch away" the next generation's ability to produce British food.

Many farmers fear the changes could lead to increased food prices and reduced domestic food production.

However, some experts argue that concerns over the inheritance tax changes may be overblown. Analysis by the Centre for the Analysis of Taxation suggests only 200 estates out of 1,300 a year claimed more than £1 million in relief between 2018 and 2020.

Arun Advani, associate professor of economics at the University of Warwick, noted that married couples owning a farm together could qualify for up to £2 million in relief.

Robert Palmer, executive director of Tax Justice UK, stated that "the vast majority of APR goes to the wealthiest families, many of which don't have much to do with farming."

The National Farmers' Union (NFU) is planning a protest in London against Labour's inheritance tax changes.

James Fairlie, speaking to GB News, emphasised the rarity of such action from the NFU, stating, "The fact they have already organised a march in London shows you how monumental this is."

Conservative MP Greg Smith criticised the budget as "a full-frontal financial attack on our farmers" in parliament.

The Liberal Democrats have also announced their opposition to the changes, with party leader Ed Davey claiming it could affect about half of all farms.