A farmer said he hoped the Budget on Wednesday would include help to reduce his costs and called for planned changes to inheritance tax to be scrapped.
Ben Aveling’s family owns about 300 acres (121 hectares) of land at Radmore Farm near Towcester, Northamptonshire.
Having downsized from about 500 acres, it was originally bought in 1937 by his wife’s grandparents and has been passed down to the third generation.
As well as the mixed farm, he said they had diversified with an online meat business and glamping, and used to run a shop in Cambridge, for which they were still paying off business loans.
“A lot of farms will be in similar positions having borrowed money to put up a beef shed or for a dairy parlour or to buy a combine,” Mr Aveling said.
Interest rates are set by the Bank of England rather than the chancellor but Wednesday’s announcement of a fall in inflation helps to pave the way for a cut, which Mr Aveling would welcome.
“These variable rate interest loans are a big part of business in general, not just farms, so anything that can put those prices down will have a positive effect.”
Speaking after the interest rate data was released, Chancellor Rachel Reeves said: “I’m determined to do more to bring prices down.
“I recognise that inflation and the cost of living are still a big burden on families across the country.”
Mr Aveling added his biggest hope was for a U-turn on planned changes to inheritance rules, which he said risked “killing family farms”.
Inherited agricultural assets worth more than £1m, which were previously exempt, will have to pay inheritance tax from April 2026 at 20% – half the usual rate.
“Farms do pay tax, we pay income tax, we pay VAT, we pay our taxes just like everybody else,” Mr Aveling said.
“It’s just that the tax on farmland is so nuanced.
“We’re in charge of a natural resource that is required for the working engine of the hub of this country, for the cogs to turn.”
An HM Treasury spokesperson said “We’re backing British farms with £1m annual investment allowance for plant and machinery investments, billions for sustainable food, and action to cut EU export costs.
“Right now, 40% of agricultural property relief, worth £219m, goes to just 117 estates. Our reforms will channel that funding into vital public services.”