The closure of farms in England surged to a record 6,365 due to new inheritance tax policies. Critics, including supermarkets and farmers, have voiced strong opposition to Chancellor Rachel Reeves's tax extension, viewing it as detrimental, especially for family farms. The Office for Budget Responsibility has cautioned that expectations for revenue from the new tax could be overly optimistic, potentially generating less than anticipated over time. Victoria Atkins has criticized these policies, attributing farm closures to the government's tax strategies.
A record number of farms have closed in the wake of Rachel Reeves's inheritance tax raid, totaling 6,365 businesses within the past year, marking the highest level since 2017.
All major supermarkets have backed farmers, urging Ms. Reeves to halt her controversial tractor tax' plan, amidst a backlash to the proposed inheritance tax extension.
The Office for Budget Responsibility warned that the inheritance tax policy may collect less revenue than predicted, suggesting high uncertainty in the £500m-a-year forecast.
Victoria Atkins stated that the latest closure figures reflect the consequences of 'Labour's disastrous tax policies,' emphasizing the impact on family farms in England.
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