NO FARMER, NO FOOD!
So I will be taking to the streets this week to stand alongside the British Farmers. But I wont be protesting about the abolition of Agricultural Property Relief and the imposition of Inheritance Tax on farmers, which I believe to be necessary and appropriate. Everyone in society needs adequately funded public services including the farming community and so we all have to pay our dues. Lets face it this is income tax in all but name, had Labour been able to raise direct taxation whilst still winning an election we could have avoided all this jiggery pokery, but with a Tory party peddling the absurd myth that decent public services could be maintained whilst holding or even cutting taxes, enough of the electorate would have believed their lies to keep them in power for yet 5 more years, heaven forbid.
I will stand with the farmers because there were major pressures facing farming long before the Budget of Doom was announced. The only reason the farmers were ever offered the tax breaks in the first place was because for the last 50 years we haven't been paying farmers what they need to keep us fed. A farmer's livelihood has very little to do with how much we pay for our food, for the best part of 70 years farmers survived largely on subsidies. Who pays for the subsidies, we do, through our taxes. Whilst we were in the EU this process of paying subsidies went on unnoticed, the farmers were happy getting their hand outs, we were happy with our cheap food, so long as the supermarket shelves were stocked no one questioned how the food was paid for.
Post Brexit the old certainties are unravelling, the farmer no longer get their subsidies and so some are having to find alterative sources of income, food production is no longer the only and, for some the primary source' of keeping the farm afloat. Whilst subsidies existed unrealistically cheap food and ridiculously overly aggressive procurement practice by supermarket chains affected the farmers bottom line but didn't put them out of business, with the comfort cushion of subsidies gone there is only one inevitable consequence for a farming industry that is technically broke.
Over the coming days and weeks you will see this slogan many times, No Farmer, No Food! Don't forget it. So the next time you drive your Chelsea Tractor into the Kensington and Chelsea outlet of Lidl or Aldi, so you can save £1 on your weekly shop and afford the basement conversion on your £2M mansion, remember there is no free meal, every penny you save makes someone else a penny poorer, if you paid the proper price for your food the farmers could easily cover the extra tax!
Associate Vice President at Morgan Stanley Financial Advisor
2wWell done!