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Reeves facing fresh pressure to axe farm inheritance tax changes in Budget
Farmers warn the 20% inheritance tax on farms over £1 million threatens investment amid volatile incomes and climate impacts, citing a 73% income drop in arable farming since 2023.
- On Wednesday, Chancellor Rachel Reeves faces pressure from the NFU to drop a proposed 20% inheritance tax on family farms and rural businesses worth more than 1 million, ahead of the Budget.
- Defra farm business income figures show mixed results, with most sectors rising but horticulture and specialist pig production lagging, while the arable sector fell 73% after 2021–2023.
- Rising employer national insurance costs from last year's budget have pushed up labour bills, with some horticultural businesses seeing employment costs rise by hundreds of thousands of pounds and this month farmgate milk prices falling by six pence per litre.
- NFU president Tom Bradshaw warned family farms are halting investment or may sell holdings, while Gavin Lane said the rural economy faces weak investment, planning uncertainty and higher unemployment.
- Environment Secretary Emma Reynolds said she `listened carefully` to the CLA president and emphasised ministers appreciate engagement while outlining future work, but Gavin Lane said last month the door is shut and PA contacted the Treasury.
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Total News Sources27
Leaning Left2Leaning Right0Center20Last UpdatedBias Distribution91% Center
Bias Distribution
- 91% of the sources are Center
91% Center
C 91%
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