Graham is encouraging residents of Beverley and Holderness to sign the petition against Labour’s Family Farm Tax – available at www.grahamstuart.com/FarmTax.
Graham was outraged when, in last week’s Budget of Broken Promises, the Chancellor announced that family farms with a valuation above £1 million will have a 20% inheritance tax imposed.
The NFU maintains that this will decimate the family farm. With land values around £10,000 to £15,000 an acre, it is not difficult for a family farm to go over the £1 million threshold.
Graham has asked the Chancellor how she arrived at the £1 million figure and has challenged her assertion that 73% of farms would be unaffected by these changes. He is yet to receive a response.
Labour has made it clear that they believe these measures attack rich farmers – but the reality couldn’t be further from the truth. Many farmers are struggling over many hard years.
Indeed, according to the Department for Environment, Food and Rural Affairs, 26% of mixed farms in Britain made a loss in 2022/23 while 23% made a profit of under £23,000.
Despite this, in response to Graham’s questions to the Chancellor about the basis for the decision, Labour continues to claim that it will affect a tiny number of farms.
The NFU believes this will lead to many farmers selling up, possibly to solar and house developers, which could have a catastrophic impact on our national food security.
He hopes that the pressure against the government’s attack on farmers will result in the measures being reversed by the time they are put to Members of Parliament in the Finance Bill.
Graham said: “In the Budget of Broken Promises, the attack on farmers stands out as being one of the worst.
“Farmers deserve better than this Government of Broken Promises, and I will do all I can to amplify the voice of farmers.
“Contrary to the Chancellor’s ideologically-driven view of the world, most farmers aren’t rich. They’re struggling and need help from government, not a kicking.”
