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New research warns that the Chancellor’s inheritance tax raid has put more than 200,000 jobs at risk.
CBI Economics was commissioned by lobby group, Family Business UK to conduct a study which revealed 208,500 of full-time jobs will be lost over the coming five years thanks to Rachel Reeves and her changes to agricultural property relief and will affect businesses.
CBI Economics research found the Chancellor’s tax changes will see a Gross Value Added (GVA) loss of £14.8 billion and over the next fives Reeve’s policy will raise around £1.8 billion in tax revenue with a fiscal cost of £1.9 billion.
GB News reported the shadow business secretary Andrew Griffith said this is Labour’s “hooky treasury maths and a blatant breach of election promises.”
Griffith added, “This survey shows just how little this government understand or care about business.”
Speaking about family-owned businesses Griffith said the impact will be “many times” this on farms as “staggering 200,000 jobs” are at risk.
A Treasury spokesperson said, “Our reforms to Agricultural and Business Property Reliefs will mean three quarters of estates will continue to pay no inheritance tax at all, while the remaining quarter will pay half the inheritance tax that most estates pay, and payments can be spread over 10 years, interest-free.”
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