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Lord Grantchester (Lab)

Speaking in the House of Lords on 6 January 2026

Debate

Agricultural Property Relief and Business Property Relief

Contribution

Farming is a very important part of the rural economy and the basis of the food and drink sector. The Treasury is to be congratulated on recognising the reality of asset values while maintaining the principle of inclusion for inheritance tax—that entrepreneurs more generally cannot use farmland to shelter their business assets. The emphasis must now be on rebuilding relationships with the farming sector, especially following the very poor trade deals that were done by the Conservative Governments, in which agriculture has been jeopardised in favour of industry. Can my noble friend the Minister update the House on better trade alignment with our European neighbours on standards more generally and SPS regulations in particular? I declare my interest on the register as having a farm in Cheshire.

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