During Treasury Questions, in his role as Shadow Treasury Minister, James Wild MP urged the Chancellor, Rachel Reeves listen to the National Farmers Union and others and “think again” and “withdraw her damaging proposals.”
Dubbed the “Family Farm Tax” changes the government announced in the Autumn Budget will terminate full Agricultural Property Relief (APR) from inheritance tax starting in April 2026. Under the new rules, full relief would apply only up to £1 million, with 50% relief thereafter for both APR and Business Property Relief (BPR) combined.
While the government claims this measure will affect only 27% of farms, the National Farmers Union (NFU) has warned that around 75% of commercial family farms will be above the £1 million threshold. In this spirit, it has since launched a campaign against the tax, gathering over 180,000 signatures from farmers and the public.
Following the announced changes, farmers across the country have begun organising tractor protests which, before Christmas, saw the streets of Westminster filled with tractors and farmers opposed to the government’s plans. Set to culminate in the upcoming Farming Day of Unity on Saturday, 25 January thousands of farmers are expected to converge on major cities, including London, to continue their campaign.
Having been an active champion of North West Norfolk’s rural economy, James has been working closely with the NFU, meeting farmers in Parliament and across the constituency to hear their concerns - and to make sure their stories and voices are heard at the heart of government.
Speaking in the House of Commons, James Wild MP said:
“Farming’s vital role in growing our rural economy, growing our food and protecting the countryside is threatened by Labour’s family farm tax. The self-proclaimed “iron Chancellor” is proving herself to be the tin-eared Chancellor, ignoring evidence from the National Farmers Union and others showing that the tax is based on flawed assumptions.
Ahead of Saturday’s farming day of unity, rather than threatening family farms, will she speak to farmers, think again and withdraw those damaging proposals?”
In response, the Chancellor said:
“The problem with the Conservatives is that they support increased spending in vital areas but they have not supported any of the tax increases necessary to pay for them, which, frankly, is why we are in the situation we are in today, having inherited a £22 billion black hole in the public finances. The hon. Gentleman will know that in the Budget we announced £5 billion for the farming budget over two years— including the largest funding directed at sustainable food production and nature recovery in this country’s history—and £60 million to support farmers affected by flooding.”
