Middle East: Economic Update

Lord Bishop of Norwich Excerpts

Thursday 26th March 2026 Lords Chamber

[Lord Livermore (Lab)]

I am grateful to the noble Lord for his question. I know he has a great deal of expertise in the specific sectors that he mentioned. Of course, the Treasury and the Department for Business and Trade are constantly monitoring the impact of this crisis on those sectors and we will take action if necessary. It is not currently our intention to take the specific measures that he mentioned but, as I say, we will be reviewing and monitoring those sectors very closely.

[The Lord Bishop of Norwich]

My Lords, I welcome this Statement and join the Chancellor speaking in the other place in paying tribute to our Armed Forces. In particular, I welcome support for those families and households hardest hit; however, I share the concern of the noble Baroness, Lady Kramer, for small businesses, and extend that with a question around what we are doing to support the charitable sector: for example, from my recent experience, in the transport costs associated with food banks, in heating warm hubs and so on. We have a responsibility to care for those who care for others, and I ask what the Government are doing to support that work.

[Lord Livermore (Lab)]

I am grateful to the right reverend Prelate for his question and I agree with him and the noble Baroness, Lady Kramer, on the importance of small businesses to our economy. As the Chancellor said, we do not yet know what the full impact of this conflict will be, so we must be agile in responding appropriately at each moment. It remains the case that the best way to protect families and businesses, large and small, and charities, which the right reverend Prelate mentioned, is by the rapid de-escalation of this conflict.

He mentioned transport costs and we have already taken action: we have extended the fuel duty cut of 5p and have pushed out the cheaper fuel finder, empowering people to avoid rip-off prices. We are chasing down the last few filling stations, so that we can reach 100% compliance with that. He will also know that, when wholesale kerosene prices more than doubled overnight, we stepped in within a matter of days with £53 million of support for those who needed it most. From next week, households will benefit from £150 off their energy bills, thanks to the action that we took in the Budget. Also, the price cap is giving households certainty on their bills until July, ahead of the winter months when people use 78% of their gas.

Small Farms and Family Businesses

Lord Bishop of Norwich Excerpts

Thursday 12th December 2024 Lords Chamber

[The Lord Bishop of Norwich]

My Lords, I am grateful to the noble Earl, Lord Leicester, for bringing this timely debate. Let us not beat about the hedgerow: the Government’s Budget proposals are bringing huge stress and deep concern to the farming community, as we have already heard. For many, this is the final straw after years of challenges.

I have become aware of a particularly tragic circumstance in south Norfolk where, due to a terminal cancer diagnosis, if the farmer survives after 5 April 2026, the policy change will have a huge impact on his family’s well-being and fortunes. That pressure puts enormous strain on him, almost wishing him to die sooner, because then the farm will be safe.

What of situations of the unexpected sudden death of a young farmer? The family would not only have lost the primary breadwinner but would probably have an unsustainable farm to carry on farming.

For others considering a lifetime gift, I am hearing deep concerns about the fact that you need to be able to afford to make it. The challenge is what you are going to live off or where you are going to live, because farming businesses have been squeezed in so many ways. In many cases, there is simply not the spare cash available outside funding capital, machinery and living costs.

All of this is affecting the well-being and mental health of our farming communities. The suicide rate among male farmers is three times the national average. Thank goodness, at a time like this, with added worries and pressures, that we have organisations such as the Farming Community Network and the excellent YANA charity in Norfolk ready to provide a listening ear and practical advice.

It is not just farming finances: there are wider implications of this policy change. If small farms have to be broken up or are no longer viable, there is a major risk of multinationals buying up family farms. That is likely to negatively impact the 30 by 30 biodiversity target, as research shows that smaller farms tend to have higher biodiversity.

A second impact, which I am sure the Government will be concerned about, is around community cohesion. Farming families have played, and continue to play, an important and valuable part as community leaders, volunteering in their neighbourhoods as local councillors and churchwardens, and running agricultural and county shows. Fewer farms, fewer people.

So let me dare to ask the Minister whether he will pledge to do two things. The first is simply to raise the threshold on APR. The Treasury’s own figures estimate that a substantial amount of the money raised through these reforms will come from the wealthiest 2% of farm estates. Raising the threshold will not make a great deal of difference in terms of tax revenue. Secondly, please tweak the rules around tax-free gifts made in the seven years before death and exempt people over a certain age, so that farm owners who die in the next seven years have an opportunity to make tax-avoiding gifts in light of the Budget changes. This seems to be eminently sensible and compassionate.

Wendell Berry, the American poet, essayist and farmer, has reflected that the agricultural economy has almost always, from the earliest times, been slanted against the primary producers, the real risk takers, the real workers. Our farming families feed our nation. They provide nature benefits. They contribute to the warp and weft of community life. We need them. We owe them a fair system. I urge the Minister to choose a positive way forward.