Jenny Riddell-Carpenter

This autumn Budget will make a real and material difference to families across the country, including thousands in my constituency. Cutting energy bills by £150, capping rail fares and freezing NHS prescription charges are exactly the measures that my constituents have been asking for. We are giving people the breathing space that they need as the Government continue to invest in long-term solutions to bring down the cost of living for good—in energy, transport, homes and the jobs of the future. The debate about farming inheritance has shone a spotlight on something deeply important, the fragility of farming profitability in Britain today. At the heart of my concern is a simple economic truth: you cannot tax a business that is not profitable. Even in good years, many farmers in my constituency struggle to break even. A typical 200-acre arable family farm, worth about £2 million, makes only about £27,000 in profit. Many family farms in Suffolk Coastal would not recognise even that figure. Farmers are not opposed to reform. They know that for far too long, agricultural property relief has been used as a loophole for the very wealthy to shelter their assets. So yes, closing that loophole is right, but we must do it in a way that protects working family farms, which simply cannot absorb a tax bill that they have no means to pay. Our farming sector is on its knees, worn down by Brexit, spiralling costs, unfair trade deals, and supermarket price wars that leave British farmers squeezed to breaking point. There are farmers in this country on universal credit, and farmers in Suffolk Coastal are doing two or three jobs just to put food on their tables. This is the human reality that APR reform must take into account. I support the spousal concession announced in the Budget, but we must go further. I am calling on the Government to commit themselves to a full review of the impact of these APR changes in 12 to 18 months. That review must look not only at how farms have funded these changes but at the wider impacts on food sustainability, the rural economy, land management and food standards. In the long term we must consider the role of supermarkets, whose combined pre-tax profits exceeded £5 billion last year, while some paid no corporation tax at all. Let me gently suggest that perhaps we have an opportunity to raise revenue here and protect our family farms. I support this Government and I support this Budget, but on APR we must keep listening, keep engaging, and ensure that in closing loopholes we do not inadvertently harm the very communities who feed our country.