On Saturday 9th November, the Co-Chairman of the Conservative Party Nigel Huddleston MP, along with James Evans MS for Brecon & Radnorshire, visited a farm in Rhayader to discuss the devastating impact that Labour’s recent budget announcement on removing inheritance tax relief on agricultural land will have.
Rob Lewis of Glan Elan Farm farms with his three sons and he is deeply worried about the future of farming for his three boys. This policy will affect the majority of farms throughout Wales. The average size of a farm in Wales is roughly 118 acres, with the average price for arable land around £8,500/acre. This puts the average value of a Welsh Farm at £1 million, not including the value of livestock, assets like machinery, the farmhouse and other buildings.
James Evans MS said:
“I am deeply concerned about the impact the Chancellor’s changes to inheritance tax will have on farms. This is yet another broken promise from Labour and threatens our food security, risking jobs and livelihoods in the process.
“It is important to hear directly from farmers on just how damaging this Labour policy will be for them. For many, the land has been in their family for generations, they are the custodians of our land, and all they want is to be able to pass it on to the next generation. They have diversified, as most farmers have had to do to make a living, and it is not only IHT tax changes that will hurt them but also the changes to Business Rate Relief. We need to fight these damaging decisions being taken in Westminster and in Cardiff Bay.”
