Reed apologises to farmers over decisions ‘we had to take’ to fix finances
Share:
Environment Secretary Steve Reed has apologised to farmers over decisions the Government “had to take” to fix the public finances as it stands firm on contentious changes to inheritance tax. In a speech to the Oxford Farming Conference on Thursday, the Environment Secretary set out reforms to boost profitability in the farming sector by backing British produce and ensuring fair supply chains in a bid to reset relations with the sector.
Mr Reed said that while the primary purpose of farming is food production, farmers must be supported to restore nature and diversify their incomes to achieve long-term food security. But anger over measures in last year’s Budget, including introducing inheritance tax on farm businesses worth more than £1 million, overshadowed the announcement.
Farmers lined the streets in tractors and honked their horns outside while Mr Reed was repeatedly quizzed over inheritance tax changes as he answered questions inside. The Environment Secretary acknowledged the decision on agricultural property relief was “very unwelcome” but argued that farmers’ anger is “not just about one tax issue”.
“What I’m hearing from so many is that the turmoil of recent years has made farming incredibly tough,” he said, before pointing to rising input costs, tight margins, unfair supply chains, a shortage of skilled workers, growing concerns about extreme weather, and issues with access to European markets as well as with post-Brexit trade deals.
