POLL OF THE DAY: Have farmers been hung out to dry by Rachel Reeves? VOTE NOW
POLL OF THE DAY: Have farmers been hung out to dry by Rachel Reeves? VOTE NOW
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Farmers have been left outraged over Rachel Reeves's Budget as they have been left questioning what they have spent their entire lives working for.
In her Budget on Wednesday, the Labour Chancellor introduced a 20 per cent tax on assets over £1million, saddling farmers’ children with huge tax bills when their parents die and leave their asset-rich but cash-poor farms to them.
As a result, farmers will be forced to sell chunks of land to foot the bill, breaking up land that has been passed down through families for generations, damaging the fabric of Britain’s countryside and worsening our food security.
Di Clements, a dairy farmer in southwest Wales, said: “I’m stunned.
“We’ve slogged our guts out for 40 years, making so many sacrifices, and it’s all been for what? To saddle our children with a huge debt when we die.
“Many farmers will just give up. I feel gutted. Three farmers have taken their own lives in the last six weeks. I think there will be more. Terrible day.”
Victoria Vvyvan, President of the Country Land and Business Association, said: “This budget rips the rug from under farmers is nothing short of a betrayal.
“We estimate that capping agricultural property relief at £1million could harm 70,000 UK farms, damaging family businesses and destabilising food security.
“In its attempts to raise more revenue, the Government will cause great damage, jeopardising the future of rural businesses up and down the country.
“Many farmers, operating on slim margins, will now face having to sell land to pay inheritance taxes. It puts dynamite beneath the livelihoods of British farming.”
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