I have co-signed a cross-party letter urging the Government to rethink the proposed changes to Business Property Relief. Family businesses are the backbone of our economy, and many in Exmouth and Exeter East will come under real pressure if these plans go ahead in April.
We cannot fix the nation’s finances at the expense of the very businesses that have supported our communities for generations. These changes risk forcing long-standing family firms into the hands of PLCs or overseas, or pushing them into heavy borrowing just to meet unexpected tax bills - undermining investment, growth, and local jobs. For some, it could even mean being forced to sell up entirely.
Poor economic policy like this will ultimately reduce tax income, cut jobs, and weaken British business. My colleagues and I stand ready to work with ministers on a sensible alternative that protects the businesses our communities rely on.
This policy should not go ahead.
Read the full letter below