Farmers from across the UK are rallying in London against proposed inheritance tax changes that threaten their livelihoods and the future of agriculture.
London: Farmers from all over the UK are making their way to Westminster to protest. They’re upset about proposed changes to inheritance tax that could hit agricultural businesses hard.
It’s a big deal, with thousands of farmers hitting the streets. Last November, around 13,000 people showed up for a similar protest, so you can imagine the turnout this time.
Some well-known political figures and even TV star Jeremy Clarkson are backing the farmers. Tractors are rolling into the city, and there will be speeches and a drive through central London.
This protest is happening right when Sir Keir Starmer is set to face Prime Minister’s Questions, making it even more significant.
Interestingly, the protest coincides with a government study on food security in the UK, which could add fuel to the fire of this ongoing debate.
Farmers and financial experts are also set to speak to the Environment, Food, and Rural Affairs Committee about how these tax changes could impact their industry.
Earlier this week, the government announced a £343 million investment in the rural economy, and over 31,000 farmers have received payments for eco-friendly practices.
They also shared new details about programs that pay farmers for maintaining healthy land and ecosystems, which is a positive step amidst the protests.
So, why are farmers so riled up? The recent budget extends inheritance tax to agricultural land, which they see as a huge blow. It also freezes tax thresholds for two more years.
Currently, the first £325,000 of an estate is exempt from inheritance tax, but anything above that gets taxed at 40%. For farms, the rate will be set at 20%, with some relief available, but it’s still a tough pill to swallow.
Farmers feel like they’re being unfairly targeted while wealthier individuals find ways to dodge these taxes altogether. The changes have already sparked protests in other areas, and there’s a lot of confusion about the government’s figures backing this move.
In response to the unrest, Transport Secretary Louise Haigh mentioned that food shortages could be a concern if farmers go through with their threats to strike.
Clarkson, who’s known for his show “Clarkson’s Farm,” has been vocal about his concerns, claiming the government is trying to push farmers out to make way for new developments.
He’s not holding back, saying there’s a sinister plan to replace farmland with towns for immigrants and wind farms, which he believes is a direct attack on farming.
As for the government, they’re sticking to their guns. Environment Secretary Steve Reed said they won’t change their course on this policy, even with the protests.
They’ve allocated £5 billion to the farming budget over the next two years, claiming it’s more funding than ever for sustainable food production.
Despite worries about food shortages, the government is downplaying those fears. Agriculture Minister Daniel Zeichner is urging calm, saying most farmers won’t be affected by the tax changes.
He encourages everyone to look closely at the details, assuring that under 500 farms a year might actually feel the impact. It’s a tense situation, and everyone’s watching closely.