UK's Labour to unveil hotly-awaited budget with billions in tax rises expected
CNBCNOV 2024
Labour's decision to finally implement inheritance tax on farmers is the right decision. Data shows that only the wealthiest of farmers will be affected, and the new rate is only half of what the average member of the public must pay when facing the inheritance bill. Wealthy farmers are in uproar only because their loophole tax has been closed – more money must be raised to fix the UK's broken economy, and complaints from the farming industry should remain at the Tories for their crippling post-Brexit policies.
The UK Government's plan to raise inheritance tax on farmers is a stab in the back to industry. Having described the policy as "desperate nonsense" before the General Election and now attempting to misleading the public with dodgy treasury statistics, it is clear that there is nothing Labour won't do in pursuit of their socialist ideology. Farmers are the backbone of British society, and unless the Government rightly backtracks on this policy UK farms will fall like dominos and unrest will only continue to grow.
There is a 70% chance that the UK will have a Labour Prime Minister on Jan. 1, 2030, according to the Metaculus prediction community.