Latest news with #HMTreasury
North Wales Chronicle
6 days ago
- Business
- North Wales Chronicle
FUW give evidence to Westminster's Welsh Affairs Committee
Last week the Farmers' Union of Wales welcomed the opportunity to present evidence to Westminster's Welsh Affairs Committee inquiry into the challenges and opportunities facing farming in Wales in 2025. The FUW was represented by our Head of Policy, Gareth Parry, who was questioned by MPs on a number of the ongoing challenges facing Welsh agriculture; including the UK's withdrawal from the European Union, the changes to agricultural and business property relief and how changes to the UK Government's funding for Welsh agriculture will impact the sustainability of the sector. As part of the session, the FUW highlighted the impact the UK's departure from the EU has had due to the loss of the intermediate-term stability provided by the EU's seven year Multiannual Financial Framework. The lack of such replacement financial frameworks has allowed the UK Government to apply the Barnett Formula to any future adjustments to Welsh agricultural funding, meaning that Wales will receive subsequent uplifts based on a historical share of the UK population as opposed to rural needs. Beyond the uncertainty regarding future farm funding, the FUW also highlighted how successive UK governments' appetite to sign trade agreements with other countries has undermined domestic food production. These agreements threaten to pull the rug from beneath Welsh farmers by reforming agricultural policies and replacing domestic food production with imports, with little consideration of the economic viability of Welsh farming businesses. Several questions during the session focused on the proposed inheritance tax reforms, with Mr Parry relaying the latest figures from Family Business UK and CBI Economics on the potential impacts for the UK economy. In summary, the report suggests that the reduction in business activity will lead to a loss in Gross Value Added (GVA) of £14.8 billion over the next five years. These latest figures again demonstrate HM Treasury's failure to consider the wider economic and social impacts of the proposed changes, and far-reaching implications on Welsh family farms and the economy. Frustratingly, it's been clear since the Budget announcement that HM Treasury Officials have had no intention of even acknowledging our concerns. They have slammed the door on the industry and appear to have thrown away the key. It remains the case that the FUW are not calling for the policy to be scrapped, however we continue to seek an opportunity to design a policy with HM Treasury that works for genuine family farms whilst closing the loopholes that currently exist.
Rhyl Journal
6 days ago
- Business
- Rhyl Journal
FUW give evidence to Westminster's Welsh Affairs Committee
Last week the Farmers' Union of Wales welcomed the opportunity to present evidence to Westminster's Welsh Affairs Committee inquiry into the challenges and opportunities facing farming in Wales in 2025. The FUW was represented by our Head of Policy, Gareth Parry, who was questioned by MPs on a number of the ongoing challenges facing Welsh agriculture; including the UK's withdrawal from the European Union, the changes to agricultural and business property relief and how changes to the UK Government's funding for Welsh agriculture will impact the sustainability of the sector. As part of the session, the FUW highlighted the impact the UK's departure from the EU has had due to the loss of the intermediate-term stability provided by the EU's seven year Multiannual Financial Framework. The lack of such replacement financial frameworks has allowed the UK Government to apply the Barnett Formula to any future adjustments to Welsh agricultural funding, meaning that Wales will receive subsequent uplifts based on a historical share of the UK population as opposed to rural needs. Beyond the uncertainty regarding future farm funding, the FUW also highlighted how successive UK governments' appetite to sign trade agreements with other countries has undermined domestic food production. These agreements threaten to pull the rug from beneath Welsh farmers by reforming agricultural policies and replacing domestic food production with imports, with little consideration of the economic viability of Welsh farming businesses. Several questions during the session focused on the proposed inheritance tax reforms, with Mr Parry relaying the latest figures from Family Business UK and CBI Economics on the potential impacts for the UK economy. In summary, the report suggests that the reduction in business activity will lead to a loss in Gross Value Added (GVA) of £14.8 billion over the next five years. These latest figures again demonstrate HM Treasury's failure to consider the wider economic and social impacts of the proposed changes, and far-reaching implications on Welsh family farms and the economy. Frustratingly, it's been clear since the Budget announcement that HM Treasury Officials have had no intention of even acknowledging our concerns. They have slammed the door on the industry and appear to have thrown away the key. It remains the case that the FUW are not calling for the policy to be scrapped, however we continue to seek an opportunity to design a policy with HM Treasury that works for genuine family farms whilst closing the loopholes that currently exist.
Leader Live
13-06-2025
- Business
- Leader Live
FUW give evidence to Westminster's Welsh Affairs Committee
Last week the Farmers' Union of Wales welcomed the opportunity to present evidence to Westminster's Welsh Affairs Committee inquiry into the challenges and opportunities facing farming in Wales in 2025. The FUW was represented by our Head of Policy, Gareth Parry, who was questioned by MPs on a number of the ongoing challenges facing Welsh agriculture; including the UK's withdrawal from the European Union, the changes to agricultural and business property relief and how changes to the UK Government's funding for Welsh agriculture will impact the sustainability of the sector. As part of the session, the FUW highlighted the impact the UK's departure from the EU has had due to the loss of the intermediate-term stability provided by the EU's seven year Multiannual Financial Framework. The lack of such replacement financial frameworks has allowed the UK Government to apply the Barnett Formula to any future adjustments to Welsh agricultural funding, meaning that Wales will receive subsequent uplifts based on a historical share of the UK population as opposed to rural needs. Beyond the uncertainty regarding future farm funding, the FUW also highlighted how successive UK governments' appetite to sign trade agreements with other countries has undermined domestic food production. These agreements threaten to pull the rug from beneath Welsh farmers by reforming agricultural policies and replacing domestic food production with imports, with little consideration of the economic viability of Welsh farming businesses. Several questions during the session focused on the proposed inheritance tax reforms, with Mr Parry relaying the latest figures from Family Business UK and CBI Economics on the potential impacts for the UK economy. In summary, the report suggests that the reduction in business activity will lead to a loss in Gross Value Added (GVA) of £14.8 billion over the next five years. These latest figures again demonstrate HM Treasury's failure to consider the wider economic and social impacts of the proposed changes, and far-reaching implications on Welsh family farms and the economy. Frustratingly, it's been clear since the Budget announcement that HM Treasury Officials have had no intention of even acknowledging our concerns. They have slammed the door on the industry and appear to have thrown away the key. It remains the case that the FUW are not calling for the policy to be scrapped, however we continue to seek an opportunity to design a policy with HM Treasury that works for genuine family farms whilst closing the loopholes that currently exist.
Scottish Sun
12-06-2025
- Business
- Scottish Sun
Households face council tax hikes and £10billion stealth levies as Reeves gets boxed into corner by shrinking economy
Economists warned the circumstances meant tax hikes are almost certain this autumn GOGGLE-BOXED IN Households face council tax hikes and £10billion stealth levies as Reeves gets boxed into corner by shrinking economy HOUSEHOLDS face council tax hikes and £10billion in stealth levies as Rachel Reeves gets boxed into a corner by the shrinking economy, experts warn. The Chancellor, who wore protective goggles during a visit to the University of Derby yesterday, learned growth fell 0.3 per cent in April — less than 24 hours after her £113billion spending review splurge. Advertisement 2 Rachel Reeves wears protective goggles during a visit to the University of Derby Credit: Simon Walker / HM Treasury 2 Households face council tax hikes and £10billion in stealth levies Credit: Getty Businesses are reeling from the National Insurance rise, a jump in the minimum wage and ongoing uncertainty over Donald Trump's global trade war. Economists warned the circumstances meant tax hikes are almost certain this autumn — along with hard-pressed town halls having to up council tax rates by five per cent next year to pay for local services. Former Office for Budget Responsibility committee member Andy King said 'the writing was on the wall for another fiscal hole' — which would trigger tax rises or possible spending cuts in the Budget. Another expert accused Ms Reeves of 'making up numbers' in her spending review as there were few clues where savings would be found. Advertisement READ MORE ON SPENDING REVIEW TAX BLOW Council tax bills to rise at fastest rate in 20 years after Reeves' review Paul Johnson, from the Institute for Fiscal Studies, said her demands that all Whitehall departments cut administration budgets by ten per cent a year were not the result of a 'serious analysis'. He also said that if Ms Reeves was forced to raise taxes, the most politically straightforward approach would be to extend the freeze on income tax thresholds. Mr Johnson added that her plans will result in a 'sting in the tail' because local authorities would have to raise their levies. More than half of Brits — 52 per cent — reckon Ms Reeves' spending review will have a negative economic impact rather than positive. Advertisement But one piece of good news did emerge yesterday, as it was revealed the UK was finally ready to sign its trade deal with the US.
Yahoo
12-06-2025
- Business
- Yahoo
New railway station for Devon town
A Devon town will get a new railway station after a "significant victory" in winning funding. A campaign to build a new station on the main line at Cullompton has been going on for years and campaigners say it is key to unlocking the building of 5,000 homes nearby in the Culm Garden Village development. The town's MP, Richard Foord, said there was an "irrefutable business case" for reopening the station and also welcomed the reopening of Wellington station further up the line in Somerset. The Chancellor made no mention of the scheme in the Spending Review on Wednesday but HM Treasury officials confirmed the funding to MPs later in the day. The new station will be built next to the motorway services at junction 28 of the M5. More news stories for Devon Listen to the latest news for Devon Follow BBC Devon on X, Facebook and Instagram. Send your story ideas to spotlight@ Spending review frustrates transport campaigners Town's £34m bypass will unlock new homes HM Treasury
