Thousands of farmers form across the UK descended on Westminster yesterday (19th November 2024) to protest about changes to inheritance tax and agricultural property relief (APR).
Richard Beresford, chief executive of the National Federation of Builders (NFB), said that the agricultural sector can count on construction to understand their concerns.
“Construction companies are also generational businesses operating on tight margins, uncertain cashflow and aging workforces,” Beresford said. “We therefore stand behind farmers who oppose this budget decision because the growth-hindering, anti-business tax changes also apply to our industry.”
He continued: “With so many construction companies being generational, struggling with regulatory burdens and a fifth of workers being over 50 years old, early conversations with members have highlighted that some will consider closing their businesses, changing operations, or cutting back the size of their operations.
“This means fewer directly employed workers and more subcontracting, so greater pressure on state pensions and public services. A reduction in new learners and reskilling, as SMEs train eight in 10 construction apprentices. Rural areas disproportionately impacted, as local constructors are often major local employers. Fewer businesses to build our houses, especially council homes that are typically built by SMEs. Less capacity to deliver capital and infrastructure works. And a greater challenge to meet our carbon targets, especially to retrofit our 28 million buildings.
“Some members said they will sell rather than pass on and while this ensures a future for those businesses it comes with workforce insecurity, a loss of experience and talent, and unless bought by a local person, the loss of a local investor.
“This government is at risk of being remembered as the one that closed the businesses who keep us fed and build the homes, roads, rail, commercial premises, renewable energy, transport hubs, schools, hospitals, utility connections, drainage systems, and climate solutions. A rethink is desperately needed.”
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