Food prices could rise due to Rachel Reeves’s farm inheritance tax change in budget, farmers warn
Rachel Reeves’ changes to agricultural inheritance tax could lead to food price rises and will have a “catastrophic” impact on family farms, farmers have warned.
The chancellor announced in Wednesday’s budget inheritance tax of 50%, at an effective rate of 20%, will be imposed on farms worth over £1m, where previously they were exempt.
Her announcement has been met with anger from rural communities, with celebrities such as Jeremy Clarkson saying farmers “have been shafted”, and Kirstie Allsopp saying the chancellor has “destroyed the ability [for farmers] to pass farms on to their children”.
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Farmers and the Conservative shadow farming minister have told Sky News the plan, which is due to begin in April 2026, risks pushing up food prices due to uncertainty and the possibility of farms having to be sold up so less food is produced.
National Farmers’ Union (NFU) president Tom Bradshaw said the policy “will snatch away” the next generation’s ability to produce British food.
Fourth generation Warwickshire farmer Bizza Walters, 26, told Sky News she would be forced to sell some of her family farm’s 500 acres to pay the £7,500 a month she has estimated she would have to pay for 10 years if her father and uncles, who own the farm, died.
“Our margins and costs are so tight and anything we make is reinvested, so I’d have to sell land which would not go back into food production,” she said.
“They’re going to have to come to their senses because food prices will go up because we won’t be able to produce as much food.”
Jeremy Clarkson, whose TV show has opened up the struggles of farming to millions, said farmers have ‘been shafted’. Pic: PA
Country Land and Business Association (CLA) president Victoria Vyvyan told Sky News the government has “conflated a business asset with personal wealth” in their bid to tax the wealthy.
But she said farms are businesses and most run on tight margins with little spare cash.
She added a £1m farm would only be about 100 acres in most UK areas, “which is not a viable business proposition”.
The £1m cap could also rack up quite quickly as it is not just the value of land, but also livestock, farmhouses, sheds and machinery.
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Most farms are run on small margins. Pic: Sky News
Conservative shadow farming minister Robbie Moore, who is from a farming background, said the move is “catastrophic for family farms”.
“This is effectively thievery, putting two fingers up to the farming industry,” he told Sky News as he accused the government of failing to understand how farming works.
“They’ve completely underestimated the effect this will have, it creates a lot of uncertainty in terms of how that land will be managed.
“If you want to invest in that holding to produce food, you need certainty, and what the announcement creates is uncertainty.
“It will have a direct impact on the food security agenda and food prices further down the line.
“If you’re wanting to work hard to hand farmland down to the next generation, you’re completely disincentivised to do that.”
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He reiterated what lots of farmers have been saying: that their land may be high in value, but they are struggling with cashflows, so paying tax to continue the family business may not be viable for many.
NFU president Mr Bradshaw added: “This budget not only threatens family farms but will also make producing food more expensive.
“This means more cost for farmers who simply cannot absorb it, and it will have to be borne by someone.
“Farmers are down to the bone and gristle, who is going to carry these costs?”
The government says it is still committed to supporting farmers and “the vital role they play to feed our nation”.
Speaking on Thursday, the chancellor described the changes as “fair and proportionate”.
“We needed to raise money in the budget yesterday, and we know that there are a lot of landowners who are very wealthy, some who buy land to avoid paying inheritance tax because previously there was no inheritance tax,” she said.
The Department for Environment, Food and Rural Affairs (DEFRA) has been contacted for comment.
New filings from the Federal Election Commission (FEC) reveal that several cryptocurrency firms and their executives made significant contributions to US President Donald Trump’s inauguration fund after the results of the 2024 election.
According to FEC filings made public on April 20 by the Trump-Vance Inaugural Committee, Uniswap CEO Hayden Adams donated more than $245,000, Solana Labs donated $1 million, and software firm Consensys sent $100,000 in January 2025 to support the then-president-elect’s inauguration. Many major crypto firms had previously announced their support of Trump through donations to the inaugural fund, including Coinbase, Ripple Labs, Kraken, Ondo Finance, and Robinhood.
Altogether, the fund reported more than $239 million in net donations between Nov. 15 and April 20 from companies and individuals. These included $1 million from McDonald’s, $1 million from Meta, $1 million from Apple CEO Tim Cook, $1 million from OpenAI CEO Sam Altman, and various contributions from Delta Air Lines, ExxonMobil, FedEx, Nvidia, PayPal, Target, and Coca-Cola.
Since Trump took office on Jan. 20 and appointed Mark Uyeda as acting chair of the US Securities and Exchange Commission (SEC), the agency has dropped multiple investigations and enforcement actions against crypto firms, including those that donated to the president’s 2024 campaign or inauguration fund. In February, Uniswap reported that the SEC had dropped its probe into the firm, and Consensys founder Joseph Lubin said the agency had agreed to end a separate lawsuit.
Memecoins, stablecoin issuers, and future elections
Trump’s memecoin, launched on Jan. 17 on the Solana blockchain — along with his wife Melania’s, which was available a few days later — has many in the crypto industry and the US government questioning the president about conflicts of interest by capitalizing on his position. The president’s family is also behind the launch of World Liberty Financial, a crypto firm responsible for a US dollar-pegged stablecoin at a time when lawmakers are considering legislation to regulate the technology.
In addition to the Consensys case, the SEC said it intended to drop enforcement actions or investigations into Ripple, Kraken, Robinhood and Coinbase. The three firms donated a combined $9 million to the inauguration fund.
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The 2024 US election cycle saw crypto-backed political action committees (PACs) spending more than $131 million to influence races in crucial congressional districts. The Fairshake PAC has already said it had more than $100 million available, in part from contributions from Coinbase and Ripple, to spend on the 2026 midterms.
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Crypto casinos generated more than $81 billion in revenue in 2024, even as regulators in key jurisdictions continued to block access to the platforms, according to a new report.
Citing data from the anti-online-crime platform Yield Sec, the Financial Times reported that wagers paid in crypto in 2024 generated $81.4 billion in gross gaming revenue (GGR). This metric refers to the difference between bets taken and winnings paid out.
Yield Sec data also showed that the annual revenue for crypto casinos has increased five times since 2022, despite gambling sites being blocked in the United States, China, the United Kingdom and the European Union.
Crypto casino Stake rivals traditional betting platforms
Betting platform Stake reported that its GGR in 2024 was around $4.7 billion, up 80% since 2022. This puts it on a par with some of the biggest gambling groups, such as Entain and Flutter. Entain reported $5 billion, while Flutter reported $14 billion in revenue in 2024.
Stake offers traditional casino games, including blackjack, roulette and slots. The platform also allows users to bet on sports. Users on the betting platform generally transact in crypto, with account balances being deposited and withdrawn directly into crypto wallets.
In 2023, the crypto betting platform was hacked, with $41 million withdrawn from its wallets. On Sept. 4, 2023, security firms flagged suspicious outflows from the platform. The company then confirmed the hack through social media, saying there were unauthorized transactions from its Ethereum and BNB Chain hot wallets.
On Sept. 7, 2023, the US Federal Bureau of Investigation said the $41 million hack was executed by the notorious North Korean hacking group Lazarus.
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Gamblers access illegal sites through VPNs
Even though crypto gambling sites are officially blocked in many jurisdictions, users can access them by bypassing geo-blocking restrictions with VPNs, which allows users to place bets on sites blocked in their country.
Former players and crypto users told the FT that many online guides show people how to bypass geo-blocking restrictions to access a crypto gambling platform. Cointelegraph confirmed that some influencers offer online tutorials that teach people how to access blocked gambling sites.
“Ready-to-gamble” crypto casino accounts are also reportedly being sold on social media platforms, according to Sanya Burgess, journalist at The i Paper.
Users sell accounts that have already passed through betting sites’ registration processes. On Jan. 31, Sky News reported that some users sell pre-verified crypto casino accounts for as little as $10. These ready-to-gamble accounts are reportedly sold on social media sites like Facebook.
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El Salvador, the first country in the world to adopt Bitcoin as legal tender, is working with the computer chip giant Nvidia to implement artificial intelligence for national development.
El Salvador signed a letter of intent to collaborate with Nvidia on “sovereign AI to drive innovation and economic growth,” the National Bitcoin Office (ONBTC) of El Salvador announced on X on April 21.
As part of the collaboration, El Salvador will benefit from Nvidia’s AI tools, resources and expertise, enabling the development of sovereign AI capabilities targeting priorities related to culture, language, environment and economy.
“El Salvador will focus on building domestic AI infrastructure, upskilling the workforce, and creating solutions to address local challenges such as improving healthcare delivery, advancing education, and boosting economic productivity,” the announcement said.
AI training for state officials and developers
El Salvador’s latest collaboration with Nvidia marks the country’s commitment to encouraging AI usage to optimize multiple processes within the government and society.
With its new AI push, El Salvador intends to establish AI training programs for developers, researchers and government officials to “ensure the nation has the talent to sustain its AI ambitions.”
One example includes the creation of AI-driven models to forecast weather and rainfall, which would support emergency response, protect residents in landslide-prone areas and optimize hydroelectric power management.
Not the first AI initiative for El Salvador
El Salvador’s Nvidia partnership adds to a growing list of AI-focused initiatives.
In March 2025, the ONBTC announced Salvador’s university-level public education AI program CUBO_ai, touting it as the “only national education program bringing in top-tier field experts.” The program was announced with support from major Bitcoin bull Cathie Wood, who is expected to give the first lecture as part of the program.
Last year, Wood predicted that El Salvador’s Bitcoin (BTC) and AI plans may boost GDP tenfold by 2029.
Related: Only 11% of El Salvador’s registered Bitcoin firms operational
While El Salvador has been aggressively introducing AI initiatives, its Bitcoin ambitions have been somewhat deterred.
In early March, the International Monetary Fund moved to restrict further Bitcoin purchases by El Salvador as part of an extended $1.4 billion funding arrangement with the country. However, the government has continued stacking 1 Bitcoin a day, raising questions about the implications of the deal with the IMF.
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