Tag Archives: 2024 budget

Jack Wilkin

A fairer budget is needed to protect family farms and keep them out of the hands of corporations

By Jack Wilkin | Fri 1st November 2024 - 2:21 pm

I want to start on a positive. The new budget has some good stuff. The cut to draft duty on beers in pubs, the implication of 10-year financial forecasts to end short-termism, boast to defence spending and support for Ukraine against a fascist invasion, and more small businesses are now exempt from NI will help rejuvenate the economy. Likewise, many of the proposals in Rayner’s worker’s rights bill are positive.

However, I do have some concerns regarding the budget and its potential impact on farming communities.

I understand that large corporations and wealthy individuals purchase farmland to avoid taxes, which is an issue that needs addressing. However, Reeve’s comment about setting a £1 million limit to protect small farmers may be effective in areas with lower agricultural land prices. Unfortunately, farmland in Cornwall, especially in the Truro-Falmouth area, is very expensive. Implementing this price limit based on a “federal” standard will significantly harm rural communities where land prices are higher.

I believe a fairer solution would be to redefine what constitutes a “small farm.” Instead of basing this definition on land value, which is influenced by geography and external market forces beyond the control of individual agribusinesses, it should focus on the amount of money the farm/business makes. For example, a farm that earned an average of £1.5 million in profits (some of the larger corporate-owned ones do) over the previous 5 years could pay 20% above £1million. At least then you’ll be protecting genuine small businesses.

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Mark Valladares

30 October 2024 – yesterday’s press releases

By Mark Valladares | Thu 31st October 2024 - 7:30 am
  • Budget: Family farm tax will hit rural communities
  • Welsh Liberal Democrats comment in advance of Budget
  • Scot Lib Dems respond to UK budget
  • Budget: Family farm tax will be utterly devastating for rural Scotland

Budget: Family farm tax will hit rural communities

Responding to the Government’s changes to Agricultural Property Relief, Liberal Democrat Environment Spokesperson Tim Farron MP said:

This is a family farm tax which risks ringing the death knell for local farmers and the small businesses who rely on them. Small family-owned farms will also be hit by this and will be forced to sell up, with young people robbed of their opportunity to farm.

After years of the Conservatives taking rural communities for granted, it is deeply disappointing to see more of the same from this new government.

We’ll be fighting tooth and nail to protect family farms from these changes. Liberal Democrats backed British farmers by demanding an extra £1bn to support them during the election, and we’ll keep being a strong voice for our rural communities.

Welsh Liberal Democrats comment in advance of Budget

Commenting ahead of the 2024 UK Government budget, the Leader of the Welsh Liberal Democrats Jane Dodds MS said:

The UK Government have the perfect opportunity to begin fixing the mess created by their Conservative predecessors.

Sky-high waiting lists are currently preventing thousands from receiving urgently needed healthcare, while out of control business rates are placing unnecessary pressures on our local businesses.

We want more money for our struggling NHS and social care services, so that the people of Wales are able to access healthcare services when and wherever they’re needed.

We want to see burden of any tax rises fall on the big banks, fossil fuel industries and big tech, not on our small local businesses.

By delivering a budget that works for the people of Wales, one which will support our public services and economy, we can begin to rebuild our economy for a brighter future.

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The Voice

Budget Special: Rachel Reeves speaks…

By The Voice | Wed 30th October 2024 - 3:34 pm

And so we have the first Labour budget, the first from a female Chancellor of the Exchequer too. And there’s an awful lot to take in – both tax and spend, as well as borrow, obviously.

In terms of numbers, what are the highlights?

Revenue items

  • The increase in Employer National Insurance Contributions from 13.8% to 15% – raising £25.7 billion per annum by 2029/30
  • Increasing the rates of Capital Gains Tax from 10% and 20% to 18% and 24% – raising £2.5 billion by 2029/30.
  • More HMRC staff in compliance and debt recovery – raising £6.5 billion by 2029/30.

Spending

  • Investing in public services – an

…

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Vince Cable

Vince Cable on the budget: manifesto folly

By Vince Cable | Tue 29th October 2024 - 10:59 am

Embed from Getty Images

‘Read my lips: no new taxes’; ‘we will reduce net immigration to the tens of thousands’; ‘we pledge not to increase tuition fees’. Promises easily made in an election campaign. A source of endless regret in government.

There will be endless regret from Labour’s manifesto commitment not to raise tax rates on taxes accounting for three quarters of tax revenue.  There is an urgent and compelling need to raise taxes in the coming budget for reasons of fiscal prudence and to stem the decline in public services. Yet, despite having an enormous parliamentary majority, the government has denied itself a mandate properly to address these fundamental problems.

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Mark Valladares

7 March 2024 – today’s press releases

By Mark Valladares | Thu 7th March 2024 - 11:45 pm
  • Resolution Foundation reveals £8bn pensioner tax bombshell in Budget
  • “All the hallmarks of a backroom deal”- Welsh Lib Dems react to decision to keep new controversial Senedd voting system
  • Donelan scandal: Lib Dems demand ethics advisor probe and Science Minister to step aside whilst investigation ongoing
  • Carmichael calls for UK ban on imports from illegal Israeli settlements
  • SNP cancel bus fund after spending less than 6% – Rennie
  • McArthur responds to news that more crimes will not be investigated

Resolution Foundation reveals £8bn pensioner tax bombshell in Budget

Jeremy Hunt’s Budget includes an £8bn tax bombshell for pensioners, analysis from the Resolution Foundation has revealed.

All 8 million tax-paying pensioners will see their taxes increase due to the freezing of income tax thresholds. This will leave the average taxpaying pensioner £1,000 worse off by 2027-28, – or an £8 billion collective hit.

Responding to the analysis, Liberal Democrat Treasury Spokesperson Sarah Olney MP said:

Buried in the small print of this Budget is a disgraceful £8 billion pensioner tax bombshell.

People who have worked hard and done the right thing all their lives are being hammered by Jeremy Hunt with years of unfair tax hikes, leaving them an average of £1,000 worse off each.

This Conservative government has shown their true colours, pensioners are not their priority. They would rather cut taxes for the big banks than look after those who have given so much for so long to our society.

“All the hallmarks of a backroom deal”- Welsh Lib Dems react to decision to keep new controversial Senedd voting system

The Welsh Liberal Democrats have described the decision to keep the new Senedd voting system as having “all the hallmarks of a backroom deal”.

From 2026, votes will be cast for parties instead of individual candidates as part of plans to expand the Senedd.

Critics of the new voting system say that it takes power away from the voter and places it in the hands of political party bosses.

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