Points of Order
Debate between Nusrat Ghani and Esther McVey
Esther McVey (Tatton) (Con)
On a point of order, Madam Deputy Speaker. You will recall that on Thursday afternoon I led a Backbench Business debate on the Medicines and Healthcare products Regulatory Agency, during which lots of critical comments were made about the MHRA. I specifically made reference to the minutes taken from meetings of the Commission on Human Medicines for the vaccine benefit risk expert working group. On Saturday, following the debate, the MHRA removed the minutes from its website. I should be grateful for your guidance and advice as to what can be done to ensure that those minutes are put back on the website immediately, and without alteration. Surely public bodies should not be using debates in this Chamber as an excuse to remove information that is in the public interest.
Madam Deputy Speaker (Ms Nusrat Ghani)
I thank the right hon. Lady for giving me advance notice of her point of order. She will appreciate that that is not a matter for the Chair, but she has put a point on the record, and those on the Front Bench will have heard it.
Farming and Inheritance Tax
Debate between Nusrat Ghani and Esther McVey(1 month, 4 weeks ago)
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Esther McVey
It would be good if Members listened to what I said. I said it is not too late for Labour to reverse this policy; even their own tax advisers are saying, on closer inspection, it needs to be reversed. That is what I am asking those on the Government Benches to do.
We have heard today that farmers are asset-rich, but in reality they are cash poor, and that is the crux of the matter before us today. In the time I have left, I will mention a couple of farmers from my constituency. A seventh-generation farmer told me she was hoping to pass her farm on to the eighth generation, but that now does not seem possible because if they have to sell a proportion of the land, which they will, that will make the whole farm is unviable.
Another farmer of mine, Richard Shepherd, a few years ago built a state-of-the-art cow cubicle shed for their dairy herd, a piece of modern technology he believed would prepare the farm for the challenges of the 21st century, investing in methods to produce high-quality, affordable and nutritious food—the type of innovation this country will come to rely on for food security in the future. However, now, with this change from the Labour Government, he will owe between £600,000 and over £1 million in inheritance tax. He has said that, “Like any other business, we need confidence to invest in our farms. That’s what we wanted to do: we wanted to grow our farm, invest in it, and this will destroy this.”
Richard Barnett, an accountant who works with many farmers in my constituency, has warned of two immediate consequences of these proposed changes. First, there will be an increase in the number of individuals seeking to acquire farmland up to £1 million to mitigate inheritance tax, resulting in a reduction in the amount of tax that the Treasury can expect to generate from this policy, as well as an increase in land prices. Secondly, he expects a consequence of these changes to be that the financial industry will enter the land market with individuals investing up to £1 million in farmland, acquiring it and then we will see farmland being lost—