“Prior to the budget there was mounting speculation that the Labour Government was set for tax heist, with inheritance tax relief one of its prime targets. Farming Unions, industry leaders and politicians were urging caution, but the Chancellor Rachel Reeves has totally ignored our concerns.

“This is just another in a long list of U-turns and abandoned policy pledges by Sir Keir Starmer and his Government. Ahead of the election Sir Keir said he knew that a thriving farming sector is vital for the environment, economy and the nation’s future. He was quoted as saying ‘My Labour Government will roll up its sleeves and deliver for Britain’s farmers’.

“What he has delivered has been described by many as the ‘final straw’ for farmers and the rural economy. The UK needs its farmers! They are custodians of the land, vital for a thriving rural community and essential to sustain food and environmental security.”

Ms Lockhart is the DUP’s Westminster Agriculture, Environment and Rural Affairs spokesperson. She added: ”Farmers are already working long hours for low financial gain, with many relying on overdrafts and subsidy payments to remain solvent. The industry is facing crippling pressure from rising costs, trade uncertainties and environmental challenges.

“This latest blow for farming will discourage the next generation from carrying on the family farm. Working farms have been exempt from inheritance tax, and this has been a crucial factor in succession planning.

“The new thresholds for inheritance tax and agricultural property relief for assets in excess of £1m are ill-considered and will cause substantial tax burdens for family farms. Farmers who employ staff will also be affected by wage and national insurance increases.”

Carla Lockhart MP continued: ”In the wake of the Budget the future is very uncertain for farming. The DUP and the farming unions have been lobbying for multi-year, inflation proof and ringfenced assurances for future funding.

“Once again, the Government has ignored our pleas. The agriculture budget has been ringfenced since Brexit, but now the money will be incorporated into a block grant managed by the Stormont Executive. “

Ms Lockhart has also raised concerns about a change in taxation for double-cab pickups. “The devil is in the detail of the recent Budget. Many farmers may not be aware of it yet, but pick-ups, which are the vehicle of choice on many farms, are set to be taxed as cars from 1^st of April 2025.

“This latest revelation is hidden in the budget report, but means double-cab pickups will be subject to capital allowances, benefits in kind and some deductions from business profits. The change in taxation will apply to vehicles with a payload of one tonne or more. Existing capital allowances will apply to all double-cab pickups purchased before April 2025.”

The impact of the Budget has left farmers reeling. In response the NFU is planning a protest rally in Westminster on Tuesday 19^th November. Ms Lockhart and her DUP party colleagues will be attending the protest in support of the NI agri-food industry.