North Shropshire MP Helen Morgan has slammed Labour’s planned inheritance tax increase on family farms.
According to Liberal Democrat MP, this tax hike will 'barely move the dial' on public finances.
This comes after a report from the Office for Budget Responsibility (OBR) indicated that the changes to agricultural property relief will have minimal effect on public finances.
The OBR's 'central estimate' is that the policy will raise £500 million by 2029/30.
Ms Morgan said that many farmers already earn less than minimum wage and that this change will force farms to be sold to larger, more corporate organisations.
This will hurt family farms and local communities.
She said: "Farming is the backbone of the rural economy, and the sector is integral to our way of life in Shropshire.
"The recently published OBR report confirms what we everyone knows in Shropshire – that Labour have got this wrong, and must scrap the family farm tax.
"It is deeply worrying to see that expected revenue is so uncertain and unstable for two decades, which just proves that Labour’s rationale doesn’t stack up."
Ms Morgan added that hundreds of farmers had signed her petition calling on the chancellor to rethink.
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