THOUSANDS of family farms shut in the run-up to Labour’s inheritance tax U-turn.
Official data shows that more than 6,200 closed after Chancellor Rachel Reeves unveiled the plan at last year’s Budget.
The Office for National Statistics figure, covering the 12 months to October, is the highest since records began in 2017.
Many this week celebrated the 20 per cent inheritance tax threshold being raised from £1million to £2.5million following a campaign led by TV farmer and Sun writer Jeremy Clarkson.
However, experts warned irreversible damage had already been done.
David Exwood, of the National Farmers’ Union, said: “The number of closures underscores the challenges and lack of confidence.
“Cash flow pressures, extreme weather, global volatility, the family farm tax and uncertainty over environmental schemes have all made it harder.”
Tory shadow environment secretary Victoria Atkins welcomed the U-turn but said it came at a high economic and personal cost.
She added: “And that will not be forgotten, I suspect.”
Clive Bailye, a farmer from Staffordshire, said: “Since the 2024 Budget, this has been a huge dark cloud hanging over the industry, which has taken away the incentive to continue.”
