Dame Harriett Baldwin questions the Treasury Minister on the Office for Budget Responsibility forecast which shows that the farm inheritance tax will raise £500 million in revenue by 2029 which, in the context of tax revenues of over £1,150 billion, is a very small number and a huge risk to food security.
Dame Harriett Baldwin (West Worcestershire) (Con)
Mr Speaker, have you noticed a pattern—that on a Thursday, a Treasury Minister will be asked to come to the Commons to answer an urgent question, and there will be barely a soul on the Labour Benches behind them when they do?
Mr Speaker
Order. Surely that is not relevant to the question you are going to ask. Come on!
Dame Harriett Baldwin
The Office for Budget Responsibility forecasts that the measure will raise £500 million in revenue by 2029, which, in the context of tax revenues of over £1,150 billion, is a very small number. What value does the Minister put on food security for the United Kingdom?
James Murray
Obviously, the Government put the highest priority on food security. That is why our policies set out to support it, and the farming sector more widely. The policy is one of many difficult decisions that we had to take in the Budget to balance the public finances, support public services and provide the economic stability we need for investment and growth.