James Wild dubs Rachel Reeves ‘tin-eared’ as he calls for farmer tax to be withdrawn

James Wild has urged the Chancellor to think again and withdraw the Government’s controversial ‘tractor tax’.

During Treasury Questions this week, in his role as Shadow Treasury Minister, the North West Norfolk MP urged Rachel Reeves listen to the National Farmers Union (NFU) and “think again” about her “damaging proposals.”

Dubbed the “Family Farm Tax”, changes the Government announced in the Autumn Budget will terminate full Agricultural Property Relief (APR) from inheritance tax from April 2026.

Under the new rules, full relief would apply only up to £1million, with 50% relief thereafter for both APR and Business Property Relief (BPR) combined.

While the Government claims this measure will affect only 27% of farms, the NFU has warned that around 75% of commercial family farms will be above the £1million threshold.

It has since launched a campaign against the tax, gathering more than 180,000 signatures from farmers and the public.

Speaking in the House of Commons, Mr Wild said: “Farming’s vital role in growing our rural economy, growing our food and protecting the countryside is threatened by Labour’s family farm tax.

“The self-proclaimed “iron Chancellor” is proving herself to be the tin-eared Chancellor, ignoring evidence from the National Farmers Union and others showing that the tax is based on flawed assumptions.

“Ahead of Saturday’s farming day of unity, rather than threatening family farms, will she speak to farmers, think again and withdraw those damaging proposals?”

In response, the Chancellor said: “The problem with the Conservatives is that they support increased spending in vital areas but they have not supported any of the tax increases necessary to pay for them, which, frankly, is why we are in the situation we are in today, having inherited a £22billion black hole in the public finances.

“The Hon Gentleman will know that in the Budget we announced £5billion for the farming budget over two years - including the largest funding directed at sustainable food production and nature recovery in this country’s history - and £60 million to support farmers affected by flooding.”