Asked by: David Reed (Conservative - Exmouth and Exeter East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate her Department has made of the number of farmers affected by the withdrawal of Agricultural Property Relief in (a) East Devon and (b) Exmouth and Exeter East constituency.
Answered by James Murray - Chief Secretary to the Treasury
The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms, and further explanatory information at https://www.gov.uk/government/news/what-are-the-changes-to-agricultural-property-relief. Around 500 estates across the UK are expected to be affected each year from 2026-27.
In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.
Asked by: David Reed (Conservative - Exmouth and Exeter East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps her Department is taking to (a) encourage (i) investment in infrastructure and (ii) economic growth and (b) support local businesses in Exmouth and Exeter East constituency.
Answered by James Murray - Chief Secretary to the Treasury
As part of the Budget, this Government announced an over £100 billion increase in departmental capital investment over the next five years compared to plans the government inherited.
The government has committed £640 million in Bus Service Improvement Plan funding to improve bus services; £650 million of funding for local transport beyond our city-regions to improve connectivity in towns, villages and rural areas; and support for the first round of electrolytic hydrogen production projects, including a first of its kind project in Devon. This government has confirmed the establishment of a County Combined Authority in Devon and Torbay, giving local leaders the power to make decisions that benefit their communities, boosting economic growth and driving reform. We are encouraging local leaders in Devon and Torbay to deepen and widen their existing devolution agreements and take strides towards mayoral devolution as a gold standard
Alongside this, the government set out plans for the 10-year infrastructure strategy. This will boost investment and growth in the South West and across the country, providing certainty and stability for the supply chain, and helping to unlock private investment. To give businesses the certainty and stability to invest, the Government is developing a modern industrial strategy and creating the National Wealth Fund to support its delivery and mobilise billions of pounds of investment in the UK’s growth industries. The Government owned British Business Bank is also investing over £1billion through their regional Investment Fund programmes, supporting growing businesses across Devon.