Rachel Reeves has been urged to “U-turn” on Labour’s inheritance tax raid on farmers, declaring it has been “catastrophic” on British agriculture.
Speaking to GB News, Regional Director at Country Land & Business Association Tim Bamford said farms across the country are experiencing “all kinds of trouble” as a result of the raid.
Britons are expected to be inflicted with tax hikes during Labour’s Budget statement on November 26.
Asked by Conservative Leader Kemi Badenoch this week if he would be “ruling out” tax rises in the Budget, Prime Minister Sir Keir Starmer refused to confirm the decision.
Tim Bamford has urged Rachel Reeves to U-turn on the inheritance raid on farmers
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GB NEWS / PA
Highlighting the impact of Labour’s tax raid on Britain’s farmers, Mr Bamford told GB News: “We’re seeing this across England and Wales with all types of businesses across the rural economy, and they just do not know what to do next.
“Fundamentally after the Budget, we saw a change in tax policy. We’ve had a plan and we’ve had a policy for years, which we have worked to.
“That was withdrawn overnight. And suddenly everyone’s having to work out what that means for their businesses.”
Noting the stress it has had on farmers, he added: “It’s catastrophic. You talked about uncertainty, we need planning and long term certainty for our businesses, and this has just changed that.
“So whether you are growing wheat, you’re raising cows, you’re thinking about rural diversification projects, we just don’t know what we’re doing anymore.”
Noting that farmers are increasingly “diversifying” their businesses to best benefit income and revenue, Mr Bamford explained: “We’ve always talked about the weather and commodity prices and we just need to plan.
“That’s why we have different diversifying businesses and that’s what Government has encouraged us to do, and it brings in so many more people into the rural economy and increases growth.”
Asked by GB News National Reporter Will Godley what he is hoping for from November’s Budget statement, he stated: “Fundamentally, what we would like to see is a change, a reversal of this policy.
“And we’d like the Government to come and sit around the table with us and industry and talk about how we can do that best and how we can basically grow the rural economy, which people want to do.”
Mr Bamford told GB News that the Government should ‘sit round the table’ with farmers to work out a solution
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GB NEWS
Asked by Will about Rachel Reeves’s rental scandal, in which it was revealed that she “failed to obtain a licence” to let out her family home in south London, Mr Bamford said he would rather have a conversation with the Chancellor about the inheritance tax raid.
He told GB News: “Fundamentally, what we would like to see is any Chancellor and any Government look at this issue seriously, talk to us and work out a way forward.”
In a statement, a spokesman for the Government told GB News: “Most estates claiming agricultural and business property reliefs will be unaffected by the changes.
“To support farmers, we’re providing a record £11.8billion for sustainable farming.”