Sir James Dyson has accused Chancellor Rachel Reeves of proposing a "spiteful" inheritance tax that jeopardizes the future of family businesses in the UK. He warns that the 20 per cent tax on family-owned enterprises valued over £1 million could lead to the "death of entrepreneurship" and challenge the foundations of the British economy. Dyson described it as "killing off established family businesses," ultimately threatening job stability in a sector dependent on generational commitments.
Home Secretary Yvette Cooper defended the recent Budget changes, stating that they are crucial for addressing the "shocking state of public finances". She explained that implementing these tax changes was part of a broader strategy to "fix the foundations" of the economy, allowing for funds to support critical public services, like the NHS, despite the difficult nature of these decisions.
Despite being aimed to raise £520 million annually, critics argue that the inheritance tax on family farms only covers a fraction of national healthcare spending, essentially less than a day’s worth. National Farmers Union president Tom Bradshaw expressed grave concerns over a potential mental health crisis among farmers who might have to sell or drastically alter their businesses due to the tax.
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