Lord Livermore (Lab)

No, I do not agree with the points the noble Baroness makes. She says this will raise next to nothing; it will still raise about £300 million for our public services. I do not know whether she thinks that is next to nothing—I do not—and I do not know where she would get that money from if she wishes to cut this. There is also an important core principle that we have maintained: that more valuable agricultural and business assets should not receive unlimited relief. There is, I believe, a need to reform agricultural property relief and business property relief; I think she is saying that she does not agree with that. However, the status quo is not sustainable, because a very small number of claimants currently benefit from a very significant amount of agricultural property relief and business property relief. The top 7%, the largest 117 claims in 2021-22, accounted for 40% of the total Exchequer cost of agricultural property relief, and the top 4% of claims, the largest 158 claims, accounted for 53% of the Exchequer cost of business property relief. We are now getting the balance right between protecting those farms and those businesses, supporting the public finances and supporting our public services.