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Saturday, 23 November 2024

Government Hands Foreign Farmers £500m – the Same Amount the Inheritance Tax Raid is Projected to Raise

 Labour is continuing to hand out more than £500 million to foreign farmers – about the same amount projected to be raised by its inheritance tax raid on British farms that threatens to “destroy” them. The Telegraph has the story.

Fresh analysis shows more than £536 million is being spent across ten programmes in Africa, Asia, and South America, including in Brazil, the world’s 11th-richest country, where low-carbon agriculture is being funded.

Many of the schemes stretch for more than a decade, with one £206 million plan running until 2031 having launched in 2012.

One project worth £16 million is attempting to grow tea in Rwanda for the first time, according to figures from the Taxpayers’ Alliance seen by the Daily Express.

It comes after Chancellor Rachel Reeves sparked fury by cutting relief on death taxes for farms and businesses. The sweeping changes – predicted to raise £500m – mean farmers must now pay 20% tax on the value of their farm above £1 million.

Robert Jenrick, Shadow Cabinet Minister, criticised Labour for “spending hundreds of millions on foreign farmers while British livelihoods are destroyed by their cruel inheritance tax changes”.

He told the Express: “That will feel like a slap in the face for many British farmers. It’s not too late for Starmer to listen, admit he’s made a big mistake, and actually keep a promise he made at the election." ...<<<Read More>>>...