Farming union highlights narrow margins and lack of certainty
The NFU has written to Chancellor Rachel Reeves ahead of the upcoming Spring Forecast to call for measures that deliver “a shared ambition of growth and long-term investment in the British farming industry”.
The letter outlines several practical measures that could increase investment and productivity in the farming sector, including an effective use of tax reliefs, a push for greater energy resilience and a stable policy framework to encourage investor confidence and boost economic growth.
The NFU is also calling on government to maintain the current reduced rates of fuel duty for red diesel.
NFU president Tom Bradshaw explained: “While we have seen some common sense prevail on inheritance tax, the wider industry is still operating on razor-thin margins and with a lack of certainty which is stopping investment.
“British farming underpins the nation’s largest manufacturing sector, food and drink, which is worth £153bn to the UK economy. To build on this and to continue to drive economic growth, we have set out our priorities clearly to the Chancellor.
“An effective use of tax reliefs, a push for greater energy resilience and a solid policy environment will help mark a shift towards a more resilient, thriving and profitable farming industry and importantly, encourage the investment required to feed the nation’s 70mn people.
“These actions government could take are critical to creating a positive climate where farmers and growers have the confidence to invest for the long-term and build resilience, so they are able to absorb shocks better.”
