North West Norfolk MP James Wild slams Labour’s plans to impose inheritance tax on farmers after attending London protest

James Wild has slammed the Labour Government’s plans to impose more inheritance tax on farmers - saying he will “fight their corner in parliament”.

The North West Norfolk MP met with met farmers from the area in Parliament today amid concerns about how their businesses will be affected by the rise.

Mr Wild says he believes that agriculture is at the heart of the county and has been left alarmed that Labour’s new proposals - announced by Chancellor Rachel Reeves in the Autumn Budget - could “threaten to undermine” how family farms operate and invest in the future.

Previously, farmers benefited from 100% inheritance tax relief when handing over their farms - but under the new rules, there will be a 20% charge on assets worth more than £1million, which Mr Wild believes the Government needs to rethink.

South West Norfolk Labour MP Terry Jermy has also been meeting with members of the agricultural sector since last week, and believes the dialogue has been positive.

“I know and recognise the importance of this issue for farmers in my constituency and across the country,” he said.

“For many of my constituents, farming is not merely a business but a way of life.”

However, following his appearance at the protests in London today which saw farmers attend from across the country, Mr Wild said: "It was good to meet farmers and hear directly how the new reforms will affect generational family farms.

“Family farms are integral to Norfolk’s rural economy and a vital part of our food security. The changes threaten to undermine the ability of farming families to plan for the future and invest in their businesses.

“The Government needs to listen, think again and withdraw this proposal. I will continue to fight their corner in Parliament.”

Mr Jermy has argued that the plans have come about because of non-farmers buying land as a way of avoiding tax, as well as 14 years of “let-down” from the former Conservative Government.

“They have failed to understand and invest in rural areas. That is why I was so pleased to see the Chancellor announce £5billion for the farming budget over two years - the biggest budget in our country's history for sustainable food production and nature,” he said.

He added that it will help support British produce and protect food security.

“There will be an immediate payout of £60million through the Farming Recovery Fund to support farmers affected by flooding last winter,” Mr Jermy said.

The MP also highlighted his party’s £208million commitment in 2024-25 and 2025-26 to improve biosecurity with stronger defences against diseases that threaten farming, saying they will be “welcome measures” for farmers in the county.

Despite this, Mr Wild fears that while many farms hold high land values, they often do not generate high incomes, leaving those who inherit them with no choice but to sell to cover the tax bills.