Ann Davies

Absolutely, and I will come on to that in a minute. In Wales, between 75% and 90% of farmers will be affected by the policy, according to NFU Cymru and FUW. It is clear that this Government’s APR changes will not hit tax-avoiding wealthy land hoarders. Instead, they will punish working farmers in Wales, whose income dropped by an average of 34% last year, forcing many to sell what their parents and grandparents spent lifetimes building. And it is not just farm business owners. Family Business UK estimates that the changes will cause a £15.5 million reduction in GVA in my constituency of Caerfyrddin alone, along with the loss of 282 full-time jobs. The new inheritance tax rules will be introduced amid mounting financial pressures on our farmers, from the financial implications of bluetongue restrictions and testing requirements to the effect of Wales’s hottest summer on record on crops and pasture. Our rural businesses will also suffer, with car garages, food wholesale businesses and uPVC project businesses among those in my constituency that are hard hit by this Government’s BPR changes. All employ hundreds of my constituents. We cannot afford to lose our rural businesses or our family farms. We cannot lose the knowledge, the heritage and the community—the work that sustains and feeds our nation. Ahead of the autumn Budget at the end of November, I call on the Government once again: please reverse these changes before it is too late. Diolch yn fawr.