Claire Young slams family farm tax after 'worrying' OBR assessment

Shocking figures reveal inheritance tax hike will “barely move the dial” on public finances. 

The latest report from the OBR suggests that the government's changes to agricultural property relief will have little effect on public finances whilst impacting farming communities already struggling with declining incomes, high energy bills and botched trade deals.

The OBR said that its 'central estimate' was that the policy will raise £500m by 2029/30.

Many farmers already make less than minimum wage and changes to inheritance tax will mean that farms are sold to larger, more corporate organisations, hurting family farms and local communities.

Farmers form a key part of the local economy, with produce from across the area being exported across the world and helping put food on people’s tables.

Speaking in response to the OBR’s findings, Liberal Democrat MP for Thornbury & Yate Claire Young said:

"Farmers are vital to the British economy. This report confirms that the government must urgently rethink and scrap the family farm tax. 

“It is deeply worrying to see that expected revenue from this cruel tax is uncertain and unstable for two decades, and further proves that the government’s rationale simply doesn’t stack up.

“After years of neglect under the Conservatives, we must support our rural and farming communities. The Liberal Democrats will continue to urge the government to change course and to scrap the family farm tax.”