Ailbhe Rea: Farmers Descend on Westminster
BloombergWe’ve had an influx of muddy wellies and flat caps in parliament today as farmers protest against the changes to inheritance tax announced in last month’s budget. They marched on Whitehall, tractor horns wailing and accompanied by famous faces including Jeremy Clarkson and Andrew Lloyd-Webber, before descending on parliament to personally lobby MPs against the plan to levy inheritance tax of 20% on agricultural assets worth over £1 million. Politicians I have only ever seen in navy suits were suddenly donning wax jackets, and all around the estate I saw terrified-looking MPs sitting with groups of farmers listening to their concerns. What they’ve been hearing is that Rachel Reeves’ changes — which will end the previous exemption for agricultural land, albeit at the lower rate of 20% compared to the standard 40%, and only on assets worth over £1 million — will cause farmers to sell land to pay their taxes, breaking up family farms, causing some closures, and, ultimately, having a damaging effect on food security for the entire country.