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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