Agriculture key to delivering economic growth says UFU President William Irvine
The Ulster Farmers’ Union (UFU) is urging the UK Government to recognise the role farmers can play in supporting economic growth, following Tuesday’s spring statement by Chancellor of the Exchequer, Rachel Reeves, which focused heavily on boosting growth across the UK economy but made no mention of agriculture or the family farm tax.
UFU president William Irvine said that while the Chancellor’s spring statement was not intended to introduce major new policy measures.
He said that the Government will only deliver one fiscal event per year, and the Chancellor must not overlook the role that farmers can play in supporting economic growth and development if given freedom to invest without the burden of the family farm tax.
“The Chancellor spoke extensively in her spring statement about the need to drive economic growth, but agriculture and the wider agri-food industry were not mentioned once.
“This is disappointing given the important role our sector plays in rural economies, food production, employment, and economic growth,” said Mr Irvine.
“Farmers are ready to invest and grow their businesses, but they need the right conditions to do so.”
The UFU welcomed Government’s IHT announcement in December which saw the 100% agricultural property relief threshold increase from the proposed £1 million to £2.5 million, transferable between partners, from April 2026, but argue that the tax must be completely overturned in the long-term.
“Many family farms will still face substantial inheritance tax bills, and instead of investing in new technology, improving and expanding their business, or supporting their workforce, farmers will now have to focus on setting significant sums of money aside in anticipation of a future tax bill that they were not prepared for and told for decades that they would never have to pay,” explained the president.
“If the Chancellor is serious about delivering long-term economic growth, she must ensure that agriculture and wider agri-food industry are a part of the conversation.
“And she must recognise the contribution farmers can make, and provide the tax environment conducive to sustainable economic growth and rural development.”
The UFU continues to call for the complete removal of the family farm tax.
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