New research reveals a 200,000‑job threat from the Chancellor’s inheritance tax raid
Imagine a cosy family farm, its fields bursting with produce, and a crew of sturdy, hardworking gardeners. Now picture that whole team suddenly facing a tax bill that could slice their livelihoods in half. That’s the headline the latest study is shouting out.
Who’s behind the numbers?
Family Business UK, the lobby arm championing small‑scale enterprises, hired CBI Economics to dig deep into the proposed changes. The report shows that, over the next five years, a staggering 208,500 full‑time jobs are at risk.
What the research says
- Loss of £14.8 billion in Gross Value Added (GVA).
- Expect to raise roughly £1.8 billion in new tax revenue.
- Fiscal cost calculated at £1.9 billion, a fine print that belies the real‑world toll on businesses.
- “Many times” the impact will be on farms, with the economy’s “staggering 200,000 jobs” hanging in the balance.
What the Treasury says (and why it turns a frown into a pout)
In a nutshell, the Treasury claims its reforms are cutting through the tax jungle the right way: three‑quarters of estates will pay no inheritance tax at all, while the rest will pay half of what they’d normally owe. Payments? Spread out over 10 years, interest‑free. Sounds reassuring? Many business leaders are saying otherwise.
Business voices: “Hooky maths” and blatant breaches of promises
Shadow business secretary Andrew Griffith slammed the new plan, calling it a “hooky treasury maths” that violates election promises. He added: “This survey shows just how little this government understand or care about business.”
With the headline “staggering jobs at risk” echoing across the press, the debate is heating up. Families, their children, the farm’s chickens—all could be affected by a policy that looks like it’s written for bankers, not farmers.
What does it mean for you?
If you own or work at a family‑owned business, keep an eye on your estate’s tax status. If you’re a policy buff, consider how the numbers translate into real people’s lives. And if you’re simply in the midst of a blooming summer harvest, remember: the government’s fiscal tweaks can have a ripple effect bigger than your truck can hold.
There’s a plea in this research: keep the conversation alive and question the math that might overlook the heartbeat of hundreds of livelihoods.
