Agricultural and Business Property Reliefs: OBR Costing

Harriett Baldwin Excerpts

Thursday 23rd January 2025 Commons Chamber

[James Murray]

The policy that we are implementing includes generous provisions to protect family farms—the £1 million entire relief from inheritance tax for agriculture and business property assets. That is in addition to the nil-rate bands that people can access as part of the general inheritance tax scheme. We think that strikes the right balance between making sure we raise money for the public finances and protecting family farms.

[Dame Harriett Baldwin (West Worcestershire) (Con)]

Mr Speaker, have you noticed a pattern—that on a Thursday, a Treasury Minister will be asked to come to the Commons to answer an urgent question, and there will be barely a soul on the Labour Benches behind them when they do?

[Mr Speaker]

Order. Surely that is not relevant to the question you are going to ask. Come on!

[Dame Harriett Baldwin]

The Office for Budget Responsibility forecasts that the measure will raise £500 million in revenue by 2029, which, in the context of tax revenues of over £1,150 billion, is a very small number. What value does the Minister put on food security for the United Kingdom?

[James Murray]

Obviously, the Government put the highest priority on food security. That is why our policies set out to support it, and the farming sector more widely. The policy is one of many difficult decisions that we had to take in the Budget to balance the public finances, support public services and provide the economic stability we need for investment and growth.