During her tenure as President of the National Farmers’ Union (NFU), Minette Batters has not been afraid to call out politicians who step out of line.

The latest to attract her ire was northeast Somerset MP, Jacob Rees-Mogg, who suggested at the Tory party conference in Manchester that hormone-treated beef should be allowed into the UK to help lower food prices.

Ms Batters labelled that idea “morally bankrupt” only for Rees-Mogg to go on the BBC and accuse the NFU of being “protectionist”, adding that its leader “doesn’t serve farmers well”.

However, this isn’t about protectionism, but instead about farmers operating on a level playing field. Consumers want local food produced to high animal welfare and safety standards, but that all adds costs. Ms Batters is right to continuously call this out.

Tax

The other farm-related issue attracting some attention in the fringes of the Tory party conference, relates to inheritance tax. There is a view from within the party that the tax should be scrapped, which could be a vote winner ahead of a general election, likely in the autumn of 2024.

There is some logic to this given that only 4% of estates are liable and the tax take is actually very small. But the perception is that by removing this tax, the Tories would be looking after the rich – even if these same wealthy people are usually able to employ the best advisers to exploit all the various exemptions available.

The other rumour being circulated is that a future Labour government would actually close down some exemptions, potentially including agricultural and business property relief (APR / BPR). That would be devastating for farm families and would be an incredible mistake by a new UK government.

What is more likely is that Labour could look to tighten up on loopholes for non-farming landowners who have used these reliefs as a means of passing on wealth to the next generation.

In principle, many farmers might agree with that, but there is always a danger of unintended consequences.

Read more

Personal pensions can help avoid tax traps

Financial issues dominate Rural Support survey