MEL STRIDE, MP for Central Devon, has voiced his support for the National Farmers Union’s (NFU) campaign against the changes to Agricultural Property Relief (APR) and Business Property Relief (BPR) announced in the Budget.
The Budget cuts Inheritance Tax relief on combined agricultural and business assets from 100 per cent rate to 50 per cent after the first £1 million from April 2026. Analysis has found that 102,041 farms in England could be affected - a significant difference from the Treasury’s estimate that it will affect less than 500 farms a year.
The National Farmers Union (NFU) claim Labour’s Family Farm Tax could increase the cost of producing food at a time when hard-pressed British farmers cannot absorb it, meaning either the supply chain or consumers will end up bearing the brunt.
Responding to the Budget, NFU President Tom Bradshaw said: “This Budget not only threatens family farms but will also make producing food more expensive. This means more cost for farmers who simply cannot absorb it, and it will have to be borne by someone. Farmers are down to the bone and gristle, who is going to carry these costs?”
Members of the NFU met with their MPs in Parliament this week, urging them to ask the Chancellor to reconsider changes to Inheritance Tax.
Mel Stride, MP for Central Devon and Shadow Chancellor, said: “Labour have made a political choice to target family farms and the consequences will be felt by many in my own constituency, and thousands across the country.
During the General Election Keir Starmer told farmers that Labour would protect their livelihoods. This is yet another example of broken promises from the Labour Government and I am in full support of the NFU’s campaign against these changes.”
