NFU Mutual has called on the Chancellor to take steps to reduce the financial pressure on farmers in next week’s budget.
The rural insurer is urging Philip Hammond to take steps to ease farmers’ path towards Brexit.
“Until Brexit plans are confirmed, UK farmers are currently unable to make long-term investment because of uncertainty about future agricultural support and export opportunities,” said the insurer’s rural affairs specialist, Tim Price.
“To help farmers through this transitional period we are urging the Chancellor to support farmers and the rural community – by simplifying both business and inheritance tax rules and avoid introducing measures that could add more financial stress to rural businesses.”
Mr Price said the insurer was also calling for a review of business rate rises on farm diversification enterprises.
“Farmers who have diversified and now use their premises for commercial, tourism or retail enterprises are being hit by higher business rates, which is adding to the pressures on farmers’ incomes at a time of low profitability for many farming sectors,” added Mr Price.
“We’re hoping that the Government’s promise to look at this issue will result in the immediate implementation of full planned rises being delayed.”
NFU Mutual has also expressed concern about the impact of an increase in fuel duty for diesel vehicles.
Mr Price said: “Increasing fuel duty could unfairly hit farmers and country people who rely on diesel vehicles such as 4 x 4s, vans and lorries. These vehicles are crucial for thousands of rural businesses.”
