Finance News

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The recent Budget announcements sent shockwaves through many rural businesses across the UK, with the latest data showing that the drastic reduction of the Basic Payment Scheme will have the biggest impact on farmers in less favoured areas. 

Data commissioned by the NFU has shown Labour is not trusted by its 2024 voters on issues surrounding the impact of the Budget on farmers. Changes to inheritance taxation on family farms are unpopular, and perceptions that Labour does not value rural voters as highly as urban ones are building. 

The farming and agriculture sector SMEs are urged to register a business banking complaint with the Business Banking Resolution Service (BBRS), which is set to close to new registrations on 13th December. 

In 2023/24, average farm business income was lower for all farm types except for specialist pig farms and specialist poultry farms, Defra has just revealed. 

Changes to the inheritance tax announced by chancellor Rachel Reeves could place “an overwhelming financial burden” on UK family farms, according to the Country Land and Business Association (CLA). 

Morrisons has committed to invest over £1.4 billion into British farming as well as announced a shopping discount for the supplying farmers.

The Department of Agriculture, Environment and Rural Affairs (DAERA) has revealed that Northern Ireland’s total income from farming has fallen by 44% in 2023. 

“The only sensible course of action is for the Treasury to reverse this decision,” said the NFU president following the meeting with Defra secretary of state and Treasury officials to stress the significant impact changes to Inheritance Tax (IHT) would have on British food and farming. 

Farming organisations have responded to the Autumn Budget 2024 that was announced earlier today by Chancellor Rachel Reeves, explaining how it will influence farmers and their businesses.

The impact of Budget 2024 announced tomorrow by chancellor Rachel Reeve’s could be wide-ranging for rural and agricultural businesses, stretching from tax policy to national infrastructure investment, a countryside property expert warns. 

The farming community has been warned that the recent proposal to increase fees paid by abattoirs could have a catastrophic impact on small and medium businesses.