Badenoch warns of ‘devastating’ impact of Reeves’ ‘farm tax’ on rural economy
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Conservative leader will compare warning that changes could lead to 125,000 job losses to ‘the entire population of Blackburn’. Kemi Badenoch will warn on Monday of the “devastating” impact of Rachel Reeves’ “family farm tax” on the rural economy, as campaigners hold a mass rally in London against the changes.
The Conservative leader will tell attendees that Labour has “unleashed the worst raid on family business in living memory”. She will claim that “no one is safe” and reference “chilling” figures released earlier this month by Family Business UK that changes to Business Property Relief could lead to 125,000 job losses.
The reforms which, similar to agricultural property relief, mean owners of family firms will have to pay Inheritance Tax if they want to pass shares or other assets to the next generation. It could reduce economic activity by £9.4bn and see the Treasury lose out on £1.3billion by 2030, according to calculations the group commissioned from CBI Economics.
Speaking at the Business Property Relief Summit at the London Palladium, hosted by the group that organised the recent #SaveFamilyFarms rally in London, Ms Badenoch will say: “The impact of Labour’s Budget has been devastating. “They claimed taxes wouldn’t need to rise to spend more on public services… then within weeks of taking office, they unleashed the worst raid on family business in living memory.”.
