UK Farming Crisis: Record 6,365 Businesses Close as Labour's Tax Changes Bite
The UK's farming sector is grappling with a severe crisis, with a record 6,365 agriculture, forestry, and fishing businesses closing in the past year, including 3,175 farms. Taxes, spiralling fertiliser costs, climate chaos, and red tape are pushing rural businesses to the brink. Labour's inheritance tax changes, which have slashed relief for family farms, have contributed significantly to these closures.
Economists have slammed Labour's tax reforms, warning they will cost the Treasury over £1 billion more than they raise. Sir James Dyson has also criticised the changes, stating they will 'fleece and decimate' family businesses. The party has faced criticism for spending over £500 million on foreign farming projects while British farmers struggle with tax increases. Confidence among farmers is at an all-time low, with many fearing they'll have to sell land to cover inheritance tax bills, jeopardising the future of the next generation in the industry. Farmers are understandably angry and grim about the situation, with some contemplating leaving the sector altogether.
The closure of 6,365 agriculture, forestry, and fishing businesses, including 3,175 farms, is a stark warning of the sector's distress. Labour's inheritance tax changes, along with other challenges, have exacerbated the crisis. With farmers' confidence at rock-bottom and the future of the industry at stake, urgent action is needed to address these pressing issues.
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