'We are trapped in a doom loop!' Ben Habib calls for a 'complete reassessment' of economy

His comments come as farmers across Britain continue to protest against new inheritance tax measures affecting family farms.

Habib said: "The Government are giving 536 million of taxpayers money to foreign farms. We are living in an economy, which is I think, in a doom loop out of which it's going to be very, very difficult to emerge.

"The subtle wisdom is that faced with a reduced access to capital, the Government just continues to raise taxes. But actually, we do need to cut spending dramatically.

"Government needs to take its tentacles out of our personal lives and out of the lives of our businesses and so on.

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"We need to cut back some of the ridiculous regulatory obligations that the Government has foisted on the British people and British businesses, most notably the drive towards net zero, which by the Government's own estimation, is costing the economy £50billion a year.

"If you could deregulate, cut the burden of taxation on businesses, counter-intuitively reduce taxes rather than increase them. When you're in need of money, boost the economy.

"Actually what they will find, and I'm absolutely certain of it, is that you'll get a growing economy and a greater tax take by the Government, because we've gone past the point in our economy where further tax rises can take place without doing further damage to the economy.

"That's why I say we're in a doom loop. We need a complete reassessment of the way that our economy is being managed."

The impact of new inheritance tax rules is already being felt across Britain's farming communities.

Farmers across Britain are gathering in towns and cities today to express gratitude for public support in their campaign against the family farm tax.

The demonstrations are part of the ongoing #StopTheFamilyFarmTax movement, with farmers continuing to press for proper scrutiny of the policy. The farming campaign reached a significant milestone with the delivery of a petition to 10 Downing Street.

NFU president Tom Bradshaw and NFU Cymru president Aled Jones presented the petition, which garnered more than 270,000 signatures.

Its delivery was supported by the presidents of all four UK farming unions, who highlighted the substantial public backing for their fight against what they have described as an "unjust policy".

The farming unions have vowed to continue their campaign until the tax receives proper scrutiny.