M&S backs farmers over UK Labour ministers in inheritance tax row
Ministers insist "three quarters of estates will continue to pay no inheritance tax at all, while the remaining quarter will pay half the inheritance tax that most people pay, and payments can be spread over 10 years, interest-free".One farming union warned last month that Welsh family farms have been thrown into "turmoil" by the changes. Speaking at the Royal Welsh Show in Llanelwedd, Mr McLean, firmly backed the farmers in the argument. M&S, he said, was "very, very clear" that agriculture should be treated differently by the government."The whole taxation system was devised to recognise that the margins of profitability in agriculture weren't like other industries," he said."That's why you had a difference in how the inheritance tax approach was set up."
Mr McLean warned the changes, announced by Chancellor Rachel Reeves last November, would "impact confidence"."They definitely will be a deterrent for young people coming into the industry, and we want to see a vibrant, viable farming structure where young people can come in and make a good living and be proud of what they do," he said. "So being able to give greater surety, greater security is going to be key to viable farming structure going forward."The UK government spokesperson added: "Our commitment to farming and food security is steadfast, which is why we've allocated a record £11.8bn to sustainable farming and food production over this parliament and appointed former NFU president Baroness Minette Batters to recommend new reforms to boost farmers profits."
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Scotsman
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- Scotsman
How premium logistics can power Scotland's exports
Mark Rosenberg | Supplied Ask a Scot to name their finest food and drink export and you're likely to spark a fierce debate, says Mark Rosenberg, Chief Commercial Officer, Ports & Terminals, at DP World Sign up to our daily newsletter – Regular news stories and round-ups from around Scotland direct to your inbox Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Whatever their preference, everyone can agree that the sector is a phenomenal global success story. The numbers speak for themselves. Last year, Scotland's food and drink exports were valued at £7.1 billion. That's up from £4.9bn in 2014, an increase of roughly 46 per cent over the past decade. This is driven by a strong appetite for its premium produce, such as Scottish salmon which had shipments topping £844 million in 2024. More than a key contributor to the UK economy, Scotland's food and drink industry has become a global benchmark for excellence. However, despite extraordinary market growth, exporters are not immune from trade challenges. Post-Brexit border friction, fluctuating global tariffs and shifting consumer expectations have all made the operating environment increasingly volatile in recent years. The good news is that new trade opportunities are opening routes to growth at a critical moment. Most notably, the UK-India Free Trade Agreement, which was signed yesterday (24 July). By cutting levies on 90 per cent of the produce from Scottish exporters - and those elsewhere in the UK - the landmark deal will transform the presence of the UK's exports in India. This is especially promising for food products like Scottish salmon, which have faced prohibitive 33 per cent tariffs. Once they are lifted, exporters will have access to the world's third-largest fish market and a middle class that is expected to grow to a quarter of a billion by 2050. Understandably, many are preparing for significant long-term expansion into the market. Logistics to power exports | Supplied Premium produce requires premium logistics While the potential for growth in both nearby and distant markets is clear, capturing these opportunities depends on the essential but less glamourous matter of logistics. Ageing infrastructure can increase costs and add complexity. Scotland has felt these constraints acutely. However, the challenges also present opportunities for strategic partnerships that can deliver far greater efficiencies across the supply chain. At DP World, we're not shy of the challenge and have invested to ensure UK exporters can seize the trade opportunities of the day. Our deep sea container ports connect exporters across the whole of the UK with overseas markets. In 2013, we opened London Gateway - the UK's first deep-water container port for more than 20 years - and have committed to its growth ever since. Just a few months ago we began work on a £1 billion expansion of its port facilities and rail infrastructure and announced a further £60 million investment in the Port of Southampton. Both will boost handling capacity and improve direct rail services, offering Scottish exporters fast, low-carbon routes to global shipping networks. As exporters hurry to capitalise on the new opportunities, undoubtedly there will be many pitfalls to navigate, whether that's complex regulatory challenges, untested consumer appetites and cultural nuance. That's where the right logistics infrastructure becomes a critical enabler. Labelling and packaging requirements, for example, vary by market and can create bottlenecks if not handled with care - something DP World supports through advanced, market-specific compliance services. Untested consumer appetites also mean shipments need to be agile, fresh and first-class. In this case facilities like The Chill Hub, our temperature-controlled warehouse at London Gateway, are indispensable for high-value perishable goods like Scottish salmon. Alongside connectivity and adaptability, exporters need flexibility. With rail or barge connectivity at 95 per cent of our 20 European sites, Scottish producers have the necessary options to move goods effectively and on schedule should congestion occur. This is an area we continue to invest in, helping to build the resilience that traders will need for the decades ahead. Scotland's food and drink exporters have a long and proud history, but with new trade agreements opening doors to major, high-growth markets like India, this feels like the start of an exciting new chapter. By strengthening the logistics networks and alliances that move goods from A to B, we can help the blue-and-white 'Made in Scotland' label find new admirers around the world. That's an opportunity we can all raise a glass to.
Daily Mail
an hour ago
- Daily Mail
Labour wealth tax civil war as Cabinet minister brands the idea 'daft' and demands left-wing MPs 'get serious' rather than relying on 'magic' money
Labour 's wealth tax civil war ramped up today as a Cabinet minister branded the idea 'daft' and told MPs to 'get serious'. Business Secretary Jonathan Reynolds voiced 'frustration' at mounting demands from left-wingers to milk the rich, warning there is no 'magic' way of bringing in money for the Treasury. Rachel Reeves is desperately hunting for options to increase taxes as she faces an estimated £30billion black hole in the public finances at the Autumn Budget. The Chancellor has been stubbornly refusing to rule out a wealth tax, with backbenchers floating a percentage charge on assets to raise £24billion a year. But Mr Reynolds has brutally dismissed the prospect in an interview with Chopper's Political Podcast on GB News. 'This Labour Government has increased taxes on wealth as opposed to income - the taxes on private jets, private schools, changes through inheritance tax, capital gains tax,' he said. The Chancellor has been stubbornly refusing to rule out a wealth tax, with backbenchers floating a percentage charge on assets to raise £24billion a year Labour has been warned that tax raids on the wealthy are already 'backfiring' amid signs that Ms Reeves is preparing to come back for more revenue 'But the idea there's a magic wealth tax, some sort of levy... that doesn't exist anywhere in the world. 'Switzerland has a levy, but they don't have capital gains or inheritance tax. 'There's no kind of magic. We're not going to do anything daft like that.' 'I say to people: ''Be serious about this.'' The idea you can just levy everyone... What if your wealth was not in your bank account, in fine wine or art? 'How would we tax that? This is why this doesn't exist. 'There's a lot of populism out about this, and I'm frustrated to see it. I see colleagues sometimes say this in Parliament and I say: ''Come on, get serious, get serious.''' Labour has ruled out increasing income tax, employee national insurance or VAT. The tax burden is already set to hit a new high as a proportion of GDP after the last Budget imposed a £41billion increase - the biggest on record for a single package. That saw Ms Reeves increased the lower rate of Capital Gains Tax from 10 per cent to 18 per cent and the higher rate from 20 per cent to 24 per cent. But analysts have warned that is already 'backfiring'. In the first six months of this year the tax raked in £11.8 billion, compared to £13.5billion during the same period in 2024. The receipts for 2024-25 were around £200million lower than the Treasury's OBR watchdog had anticipated. The body has forecast that revenues will surge in 2025-26. The tax burden is due to hit a new record high as Labour tries to cover spending
ITV News
2 hours ago
- ITV News
Politics and protests: What to expect from Donald Trump's Scotland visit
Donald Trump will arrive in Scotland later on Friday, on his first visit to the UK since his re-election. The US president will be met by both political leaders and protests during the visit, which is expected to last five days, and will see him inaugurate a new golf course in Aberdeenshire. The trip comes two months before the King is due to welcome Trump for a formal state visit to the UK. The Trump administration continues to deal with turmoil on the home front, as the president struggles to salvage his reputation with voters amid reports around his friendship with convicted sex trafficker Jeffrey Epstein. But Trump's visit to his ancestral home will hardly provide an escape from controversy. The visit has faced criticism from both political opponents and local residents, and will see a significant police operation across Scotland. Why is Trump visiting Scotland? Trump is expected to visit his Turnberry golf resort, as well as his course at Menie in Aberdeenshire. His trip also comes as a new golf course is about to debut on August 13, which the Trump family business has billed "the greatest 36 holes in golf." Trump is dedicating the new course to his Scottish-born mother, Mary Anne MacLeod, who grew up on the Isle of Lewis. But Trump's existing Aberdeenshire course has been mired in controversy in recent years, after it struggled to turn a profit, and was found by Scottish conservation authorities to have partially destroyed nearby sand dunes. Trump's company was also ordered to cover the Scottish government's legal costs after the course unsuccessfully sued over the construction of a nearby wind farm, arguing in part that it damaged golfers' views. Critics also argue the trip - which is expected to cost tens of thousands of dollars - is a blatant example of Trump blending his presidential duties with promoting his family's business interests. The White House has brushed off questions about potential conflicts of interest, arguing that Trump's business success before he entered politics was key to his appeal with voters. White House spokesperson Taylor Rogers called his visit "a working trip", but added that Trump has "built the best and most beautiful world-class golf courses anywhere in the world, which is why they continue to be used for prestigious tournaments and by the most elite players in the sport." Who will Trump meet during his visit? The president will meet with Prime Minister Sir Keir Starmer during his stay, when the pair are expected to discuss the UK-US trade deal. Trump said the meeting would likely take place at one of his properties. He will also meet with Scottish First Minister John Swinney. The SNP leader previously said he would take the opportunity to raise various issues with the president, including tariffs, Gaza, and Ukraine. Speaking ahead of his arrival, Swinney said the global attention the visit will receive provides the opportunity to promote Scotland's tourism sector and economic investment potential, as well as to allow people to respectfully demonstrate the principles of freedom and justice. "Scotland shares a strong friendship with the United States that goes back centuries," he said ahead of the visit. "The partnership remains steadfast through economic, cultural and ancestral links - including, of course, with the president himself." The first minister said Scotland is a "proud democratic nation" that "stands firm on the principles of equality and freedom for all, and a society that stands up for a fair and just world." Swinney has been vocally critical of the US president in the past, and openly endorsed Trump's political opponent Kamala Harris before last year's election - a move branded an "insult" by a spokesperson for Trump's Scottish businesses. John Swinney has argued that it is "in Scotland's interest" for him to meet the president, and for the visit to go ahead. But some Scots disagree, and a major police operation is being mounted during the visit in anticipation of protests. Thousands of officers are expected to be deployed by Police Scotland, who will deal with planned mass protests around Trump's golf courses and major Scottish cities. Trade unions, disability rights activists, climate justice campaigners, Palestinian and Ukrainian solidarity groups and American diaspora organisations are among those holding demonstrations in protest of the visit. The Stop Trump Scotland group has encouraged demonstrators to come to Aberdeen and 'show Trump exactly what we think of him in Scotland.' A spokesperson for the organisation said: "The people of Scotland don't want to roll out a welcome mat for Donald Trump, whose government is accelerating the spread of climate breakdown around the world." They also said that people in Scotland "simply wanted to live in peace near what is now [Trump's] vanity project golf course", and have "experienced Trump's abusive and high-handed behaviour first-hand, long before he entered the White House." Protests are planned in Aberdeen, Edinburgh, Glasgow and Dumfries. During Trump's visit to Scotland in 2018, similar gatherings drew thousands of protestors.
