Hopes for full reversal of inheritance tax changes by Tees Valley farmers
The Prime Minister says he's listening and knows it's tough but they're not looking to reverse inheritance tax changes
A farmer near Darlington's telling us about the difficulties the industry's facing in order to survive.
The Prime Minister says he's listening and knows it's tough but they're not looking to reverse inheritance tax changes and the Chancellor announced his budget earlier this week too.
William Maughan is a beef, arable and poultry farmer near Darlington and he said: "There have been quite a lot of challenges around the weather. We have had a very dry summer, which has caused some people a lot of trouble growing crops and enough feed for their livestock as well.
"There has also been a lot of geopolitical uncertainty, and a lot of challenges around that, which has impacted our cost of production. We have seen quite a lot of pressure on farms as a result. So there have been quite a few challenges for the industry. I think there is a bit of uncertainty, and I think confidence is probably lower than it should be. So there are a few concerns.
"Inheritance tax has been a big issue for a lot of members. There were some changes to it at the end of last year, which were very welcome, but there has been a commitment from the Prime Minister not to reverse those changes, and we would very much like to see them reversed. It is about confidence.
"While that is hanging over some people, there are some farmers who are really badly affected by this. They are in a situation where they cannot manage a way out of it, and we could really do with a full reversal at some point, to give people the confidence to continue to invest in their businesses and farms and keep producing food."