Agricultural Property Relief and Business Property Relief

Julie Minns Excerpts

Monday 5th January 2026 Commons Chamber

[Dan Tomlinson]

Yes, we did discuss this at Treasury questions and on Second Reading of the Finance Bill, and we will have time to discuss it in the Committee of the whole House next week too—and I can see from the number of Members wishing to speak now that there are many more questions coming so we may have many more hours today, Mr Speaker, to discuss it as well. In the end, the position that the Government have now reached is that we are going to amend the Finance Bill to make this change and increase the threshold from £1 million to £2.5 million. That will, we expect—and it will be confirmed by the Office for Budget Responsibility in the usual way at fiscal events—raise £300 million, money that we can put into our public services, rather than continue the chaos of previous years with additional borrowing. It is right to look in the round at fair and necessary tax changes that we can make on those with the broadest shoulders, so that we can fund our public services adequately.

[Ms Julie Minns (Carlisle) (Lab)]

Happy new year, Mr Speaker. I pay tribute to Carlisle NFU and my constituents who have raised this issue with me over the last 14 months, and I thank the Minister and his colleagues for engaging constructively and listening to those representations. North Cumbrian farmers face land price increases as a result of forestry firms snapping up large parcels of land and large landowners seeking to abuse the IHT system by hiding their wealth, and this is an important step in balancing the need to tackle that abuse and rising land prices and the need to raise the revenue required for our village schools, local health services and to tackle crime. Does the Minister agree that this now achieves that balance?

[Dan Tomlinson]

I thank my hon. Friend for her question and for her strong representation of rural constituents and rural communities. She makes a very important point. It is worth noting that this is a tax relief, and the tax relief as it stood before the changes that the Government have come forward with since the 2024 Budget meant that the top 7% of claims for agricultural property relief accounted for 40% of the Exchequer cost of the relief. That meant £219 million in foregone tax revenue—revenue that, by and large, this Government will now be raising from the very largest estates to help fund our public services in a sustainable way. The Opposition were never able to do that because of their chaotic management of the economy and the public finances.

Oral Answers to Questions

Julie Minns Excerpts

Tuesday 29th October 2024 Commons Chamber

[Josh Simons (Makerfield) (Lab)]

3. What steps she is taking to increase long-term investment in the economy.

[Ms Julie Minns (Carlisle) (Lab)]

10. What progress she has made on increasing economic growth.

[Dave Robertson (Lichfield) (Lab)]

11. What progress she has made on increasing economic growth.

--- Later in debate ---

[Rachel Reeves]

I thank my hon. Friend for his excellent work as co-chair of the Labour Growth Group. I know that he is passionate about how we can use data to boost productivity and improve public services, and he is working with Wigan council and his local NHS trust to build data-driven tools to better deliver preventive healthcare.

The Government recognise that attracting private investment into digital and technology is crucial for driving growth, which is why we have already prioritised them in the modern industrial strategy to ensure that we are creating the right conditions for investment. Since the Government took office, we have been pleased to welcome more than £25 billion of investment into UK data centres, helping to create thousands of jobs and meet the growing demand for data, artificial intelligence and machine learning.

[Ms Minns]

Does the Chancellor agree that a modern NHS that is fit for the future is essential to our country’s economic growth? Will she find time to visit the new Pears Cumbria School of Medicine when it opens in Carlisle next year?

[Rachel Reeves]

I thank my hon. Friend for that question. I absolutely recognise the important role of the NHS and the health of our nation in getting people back to work and in boosting the economy. That is why in tomorrow’s Budget we will set out further detail of how we will increase the number of elective appointments per week, delivering one of the Government’s first steps in office to reduce waiting times in the NHS.

I was delighted to meet Professor Hugh Brady from Imperial College London at the international investment summit. He shared the detail of important plans to partner with the University of Cumbria to help the next generation of medical professionals in my hon. Friend’s constituency and to address staffing shortfalls and healthcare needs in the area. I commend her work in this important area.