Food costs set to soar after inheritance tax raid, bosses claim

Stark warning for domestic food production

Bosses have raised concerns about the future of food production in the UK following the Chancellor's inheritance tax raid on farming assets over £1 million. Farmers are worried about a decrease in food production and potential reliance on foreign imports.

Pressure on Prime Minister to address impact

The Prime Minister faces pressure from MPs and the industry to meet with farmers to discuss the repercussions of the tax raid. Supermarket executives and agricultural leaders have voiced their worries about the impact on domestic food production.

Concerns about food security and competitiveness

Senior business leaders and politicians have expressed concerns that the tax changes could lead to higher supermarket prices, a decrease in domestic food production, and a reliance on food imports. The National Farmers Union also warned that the tax policy could result in future families losing their farms.

Tragic impact already seen

The changes have already had a tragic impact, as a farmer reportedly took his own life out of fear of the Government's inheritance tax raid. The new tax policy, set to take effect from April 2026, has raised concerns about its impact on farmers and food security in the UK.

Government defends its position

Despite criticism and calls for reconsideration of the tax policy, the government stands by its decision, stating that the majority of farmers will not be negatively affected. The Environment Secretary dismissed claims of exaggerated impact and assured continued support for sustainable food production.