Finance (No. 2) Bill

Rupert Lowe Excerpts

Tuesday 16th December 2025 Commons Chamber

[Robbie Moore]

The point to make quite clearly is that every single farming business will, in one way or another, be impacted by the £1 million threshold kicking in. Why? Because for an arable farm in Lincolnshire, Cambridgeshire or wherever it is, the price of feed wheat is still at about the same price it was 20 years ago, but the costs of all the inputs have been rising. Not only are such businesses subject to cash-flow challenges as a result of this Government removing the delinked payments —dramatically dropping them to £600—as well as removing the sustainable farming incentive and bringing in the fertiliser tax or the double cab pick-up tax, but they will be impacted by the changes to inheritance tax. That impact will be felt by hill farmers in Keighley and Ilkley; arable farmers in Lincolnshire or, dare I say it, down in Cornwall; and farmers wherever there are, even those subject to high land values in Northern Ireland. This Government must listen to our farming community right now, because whether farmers come down today or tomorrow to make noise with their tractors outside, I hope they continue coming to make sure that this Government listen.

It is not just our farming community that is impacted by the IHT changes. This has an impact on our family businesses, our hospitality businesses, our breweries and our manufacturing and engineering businesses. That is why I simply cannot understand why we have not heard from Back-Bench Labour MPs representing urban constituencies, who may be representing a manufacturing or engineering business, a hospitality business or a hotelier. Why on earth have those with such family businesses in their constituencies not been loud and proud in making noises to the Chancellor about the negative impacts these IHT changes will have on our many family businesses?

[Rupert Lowe (Great Yarmouth) (Ind)]

I have recently joined the Public Accounts Committee, and in my short time on the Committee I have come across qualified accounts and local authorities not having audited accounts; only 4% of them have audited accounts. I have watched the Government wasting almost endless amounts of money, and then I witness this madness of them basically breaking the backbone of British farms and British small businesses, and in effect ensuring that there will be none of the long-term investment that drives our economy. Does the hon. Member agree with me that, before we start breaking up these enterprises, we should get the Government’s house in order and cut state waste?

[Robbie Moore]

I do agree with the hon. Member that the Government must get their own house in order before implementing strategies that are impacting many of our hard-working businesses.

The changes to BPR are detrimental. Why? I would use the example of a business in my constituency that has already worked out that its liability after the changes to BPR is about £800,000. The business is owned by the fourth generation, who are in their late 80s. They have been told that the only way to pay a BPR liability, should a death occur after April 2026, is to sell plant or machinery, or to sell shares in their business, either way losing control of their business or not being able to keep their business productive. That demonstrates how uninformed the Government are about the changes they will be making.

I think I have made my point. [Interruption.] The Minister sits on the Front Bench laughing away, but had she had the time to go outside and engage with our farming community, or at least get around the table with Back-Bench Labour MPs and Opposition Members who have been consistently raising this issue over the last year, she might not be sitting there smiling away; she might be able to come to the Dispatch Box in her winding-up speech to give some sort of positive conclusion and hope to those many businesses who will be impacted by this disastrous Labour Government.