Supermarket giant to stand by farmers
As Morrisons sends ‘a message of support’ to those affected by the new inheritance tax rules, we suggest shoots may be impacted too.
Supermarket giant Morrisons has backed farmers protesting against Labour’s inheritance tax raid in a fresh blow to Chancellor Rachel Reeves.
In a video posted on social media, the grocery chain told Britain’s farmers it shares their concerns about the impact of Labour’s actions, adding: “We’re with you.” Campaigners have hailed Morrisons’ intervention as a “major development” in the fight against Ms Reeves’ Budget measures.
The changes announced in October mean farmers will pay a 20% rate of inheritance tax on land and property they inherit worth more than £1m. Ministers have insisted their action — dubbed the “family farm tax” — will only affect the wealthiest landowners.
However, the National Farmers’ Union (NFU) says the impact will be far more widespread and will wipe out family-run farms with tight margins, as they will be forced to sell up to pay death duties. Sophie Throup, head of agriculture for Morrisons, said in the video: “We want to send a message of support today for the whole of the farming community. We understand your anger and your frustrations at the inheritance tax, and we’re with you.
“We share your concerns about the long-term future the inheritance tax is going to have on farms, particularly smaller family farms. We’ve been raising these concerns at the highest levels of Government since November last year,and we will continue to do so. We’re hereto help,” Ms Throup added.
The impact on farms is likely to have a knock-on effect for shoots — again, particularly smaller ones — that use the land.
An NFU spokesman told ST: “Farmers will be hugely grateful for Morrisons’ intervention in this debate, and for its support. This is about food retail businesses like Morrisons understanding that the devastating changes to inheritance tax threaten the long-term supply of high-quality British produce to their customers.
“Over the coming weeks, we will be giving all the purchasers of British produce the opportunity to demonstrate their public support in asking for the Chancellor to consult on the changes to inheritance tax.”
CLA president Victoria Vyvyan told ST: “It is not just the farming industry that feels let down by the Government’s decision to cap inheritance tax reliefs, and it has been heartening to receive support from the public and businesses. The backing of Morrisons is welcome. The Government has dug itself into a hole by targeting family farms and must now pause, listen and consult.”
