Rural Affairs

Debate between Steve Reed and Desmond Swayne

Monday 11th November 2024 Commons Chamber

[The Secretary of State for Environment, Food and Rural Affairs (Steve Reed)]

I beg to move,

That this House has considered rural affairs.

I am delighted that the House has this opportunity to discuss the impact of the Budget on rural communities. Let me begin by addressing what the Budget means for farming in the round. We can all agree that food security is national security, which is why we have secured the biggest budget in our country’s history for sustainable food production and nature’s recovery. It commits £5 billion to the agricultural budget over the next two years. We are continuing all the environmental land management schemes, and investing £1.8 billion into them from 2025-26, which gives farmers the stability they need and lays the foundations for sustainable food production, to protect farmers and the environment for years to come.

[Sir Desmond Swayne (New Forest West) (Con)]

What estimate has the right hon. Gentleman made of the impact on capital investment, which will be reduced as farmers consider the inheritance tax implications of those investments and adjust their plans accordingly?

[Steve Reed]

The changes have been signed off by the Office for Budget Responsibility and the full impact assessment will be available when the Finance Bill is published, before they come into force in 2026.