Labour MP goes public to oppose family farms tax – and more could follow
A newly elected Labour MP has gone public with his objections to the government’s proposed farm tax, saying it would “penalise” small farms in rural communities.
Henry Tufnell, MP for South and Mid-Pembrokeshire, told Sky News he and other colleagues had informed ministers it’s not only wealthy landowners who would be affected by the decision to levy inheritance tax on farms worth more than £1m.
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It comes as farmers gather in central London again today, although without their tractors, to protest the changes.
The controversial decision to remove Agricultural Property Relief was announced by Rachel Reeves at last year’s budget and is due to take effect in April 2026.
It has seen a growing backlash from farmers, as well as supermarkets Tesco, Aldi and Lidl, who have raised concerns about food security, and business group the CBI, which last week said it would hit growth.
Mr Tufnell is the third Labour MP to speak out, and it’s understood more could follow, as a vote on the change looms in the coming months.
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Starmer abandons visit after farmer protest
‘We have to stand up’
After making representations to Treasury ministers behind the scenes, Mr Tufnell is calling for the threshold for levying the tax to be raised.
He also wants an amnesty or transition period for older farmers who may not be able to pass farms on to their children in time to avoid it.
“Me and a number of other MPs who are part of this new, broader, coalition within the Labour Party have to stand up and inform government that this is affecting our constituents,” he said.
Farmers ‘critical’ to boost growth
“It’s affecting the fabric of the society within those rural communities and that’s why we were elected,” he added.
He said the tax relief for farmers had “encouraged them to die in their boots” – and farmers in their 70s and 80s had been put “in this incredibly difficult position” as they could not plan for the change.
“The policy needs to be improved,” he added, saying farmers are “critical” not just for the government’s growth agenda, but also hitting its environmental targets.
Read more:
What’s the beef with farmers’ inheritance tax?
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Why should farmers be taxed more?
A broken election promise?
Mr Tufnell, 32, narrowly won the seat from Conservative former cabinet minister Stephen Crabb, having told constituents during the election campaign that no changes to inheritance tax were planned.
His is one of 59 rural constituencies which are among the 100 most marginal wins for Labour.
The MP, who lives in Pembrokeshire, has faced questions after it was revealed last year that a portion of the land on the 2,200 acre Gloucestershire farm belonging to his parents Mark and Jane, worth a reported £20m, had been passed to his brother Albermarle just before the budget.
It means if Mark Tufnell lives for another seven years, no inheritance tax – which would be levied at a rate of 20% – would be paid on that part.
Mr Tufnell reiterated to Sky News he had no inkling of the change, which was not in Labour’s manifesto, saying it’s “completely preposterous” to suggest a backbencher would know in advance.
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Farmer explains how tax will hit him
‘Dyson and Clarkson should pay more’
Mr Tufnell couldn’t say where the threshold should be set, but said it’s something the government should discuss with farming unions.
The government says with tax reliefs that apply to farms owned by couples with children, the threshold could be up to £3m.
“I completely agree James Dyson and Jeremy Clarkson should pay more,” he said.
‘Huge concerns’
The MP acknowledged there have been “issues” with people “dodging tax” and around how the relief “artificially inflates the price of land”.
“But I’ve been engaging extensively with my constituents in Pembrokeshire, speaking to individual farmers in beef, dairy, poultry, on small-scale family farms, and they’ve got huge concerns,” he said.
“It’s not about me and my family. I appreciate that I come from a farming family. But fundamentally I’m standing up for my constituents on a constituency matter and that’s the issue here.”
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Jeremy Clarkson tells govt to ‘back down’
‘The straw that broke the camel’s back’
A group of some 30 rural Labour MPs deeply concerned about the impact of the policy are understood to have held meetings with Treasury ministers in the past month.
Steve Witherden, MP for Montgomeryshire and Glyndwr, and on the left of the party, said in January the proposed changes “feel like the straw that broke the camel’s back”.
Marcus Campbell-Savours, MP for the rural constituency of Penrith and Solway, said he planned to vote against the government’s plans in their current form and would seek “important amendments.”
The chancellor insisted at the October budget that the changes, which the government estimated would save £500m a year, would “ensure we continue to protect family farms”.
She said the top of 7% of claims currently account for 40% of the total tax relief, but the National Farmers Union claim the figures are “misleading” and tens of thousands of farms could be affected.
US Senator Elizabeth Warren warned that if President Donald Trump eventually moves to fire Federal Reserve Chair Jerome Powell, it could undermine investor confidence in the integrity of US capital markets and trigger a financial crash.
During an appearance on CNBC, the Massachusetts Senator said the President does not have the legal authority to remove Powell from his position. Moreover, removing Powell would weaken the financial infrastructure of the US, Warren added:
“If Chairman Powell can be fired by the President of the United States, it will crash the markets. The infrastructure that keeps this stock market strong and, therefore, a big part of our economy strong, and a big part of the world economy strong, is the idea that the big pieces move independently of politics.”
“If interest rates in the United States are subject to a president who just wants to wave his magic wand, this doesn’t distinguish us from any other two-bit dictatorship,” Warren continued.
President Trump has repeatedly called for Powell’s termination, citing the chairman’s hesitancy to lower interest rates. Lower interest rates are usually considered a positive catalyst for risk-on asset prices, including cryptocurrencies, and could reverse the market downturn brought on by the trade war and current macroeconomic pressures.
Related: Fed’s Powell reasserts support for stablecoin legislation
Trump’s feud with the Federal Reserve chairman
Trump criticized Powell for not cutting interest rates and called for his termination again in an April 17 Truth Social post, which inflamed speculation that he would follow through on threats and find a way to remove the chairman.
Senator Rick Scott echoed Trump’s calls to remove Powell. “It’s time to clean house of everyone working at the Federal Reserve who isn’t on board with helping the American people and fighting for their best interests,” Scott wrote in an opinion piece published on Fox News.
The Trump administration has repeatedly stated that lowering interest rates is a top priority. Market analyst and investor Anthony Pompliano recently speculated that Trump deliberately crashed financial markets to force lower interest rates.
At the time, Pompliano cited a reduction in the yield of the 10-year US Treasury Bond to just 4%. The 10-year bond yield has climbed back up to 4.3% since then.
Magazine: Meebits and CryptoPunks are like Hot Wheels for adults: New MeebCo owner Sergito
Crypto investor sentiment took another significant hit this week after Mantra’s OM token collapsed by over 90% within hours on Sunday, April 13, triggering knee-jerk comparisons to previous black swan events such as the Terra-Luna collapse.
Elsewhere, Coinbase’s report for institutional investors added to concerns by highlighting that cryptocurrencies may be in a bear market until a recovery occurs in the third quarter of 2025.
Mantra OM token crash exposes “critical” liquidity issues in crypto
Mantra’s recent token collapse highlights an issue within the crypto industry of fluctuating weekend liquidity levels creating additional downside volatility, which may have exacerbated the token’s crash.
The Mantra (OM) token’s price collapsed by over 90% on Sunday, April 13, from roughly $6.30 to below $0.50, triggering market manipulation allegations among disillusioned investors, Cointelegraph reported.
While blockchain analysts are still piecing together the reasons behind the OM collapse, the event highlights some crucial issues for the crypto industry, according to Gracy Chen, CEO of the cryptocurrency exchange Bitget.
“The OM token crash exposed several critical issues that we are seeing not just in OM, but also as an industry,” Chen said during Cointelegraph’s Chainreaction daily X show, adding:
“When it’s a token that’s too concentrated, the wealth concentration and the very opaque governance, together with sudden exchange inflows and outflows, […] combined with the forced liquidation during very low liquidity hours in our industry, created the big drop off.”
Crypto in a bear market, rebound likely in Q3 — Coinbase
A monthly market review by publicly traded US-based crypto exchange Coinbase shows that while the crypto market has contracted, it appears to be gearing up for a better quarter.
According to Coinbase’s April 15 monthly outlook for institutional investors, the altcoin market cap shrank by 41% from its December 2024 highs of $1.6 trillion to $950 billion by mid-April. BTC Tools data shows that this metric touched a low of $906.9 billion on April 9 and stood at $976.9 billion at the time of writing.
Venture capital funding to crypto projects has reportedly decreased by 50%–60% from 2021–22. In the report, Coinbase’s global head of research, David Duong, highlighted that a new crypto winter may be upon us.
“Several converging signals may be pointing to the start of a new ‘crypto winter’ as some extreme negative sentiment has set in due to the onset of global tariffs and the potential for further escalations,” he said.
Manta founder details attempted Zoom hack by Lazarus that used very real “legit faces”
Manta Network co-founder Kenny Li said he was targeted by a sophisticated phishing attack on Zoom that used live recordings of familiar people in an attempt to lure him to download malware.
The meeting seemed real with the impersonated person’s camera on, but the lack of sound and a suspicious prompt to download a script raised red flags, Li said in an April 17 X post.
“I could see their legit faces. Everything looked very real. But I couldn’t hear them. It said my Zoom needs an update. But it asked me to download a script file. I immediately left.”
Li then asked the impersonator to verify themselves over a Telegram call, however, they didn’t comply and proceeded to erase all messages and block him soon after.
Li said the North Korean state-backed Lazarus Group was behind the attack.
The Manta Network co-founder managed to screenshot his conversation with the attacker before the messages were deleted, during which Li initially suggested moving the call over to Google Meet.
Speaking with Cointelegraph, Li said he believed the live shots used in the video call were taken from past recordings of real team members.
“It didn’t seem AI-generated. The quality looked like what a typical webcam quality looks like.”
AI tokens, memecoins dominate crypto narratives in Q1 2025: CoinGecko
The cryptocurrency market is still recycling old narratives, with few new trends yet to emerge and replace the leading themes in the first quarter of 2025.
Artificial intelligence tokens and memecoins were the dominant crypto narratives in the first quarter of 2025, accounting for 62.8% of investor interest, according to a quarterly research report by CoinGecko. AI tokens captured 35.7% of global investor interest, overtaking the 27.1% share of memecoins, which remained in second place.
Out of the top 20 crypto narratives of the quarter, six were memecoin categories while five were AI-related.
“Seems like we have yet to see another new narrative emerge and we are still following past quarters’ trends,” said Bobby Ong, the co-founder and chief operating officer of CoinGecko, in an April 17 X post. “I guess we are all tired from the same old trends repeating themselves.”
Crypto lending down 43% from 2021 highs, DeFi borrowing surges 959%
The crypto lending market’s size remains significantly down from its $64 billion high, but decentralized finance (DeFi) borrowing has made a more than 900% recovery from bear market lows.
Crypto lending enables borrowers to use their crypto holdings as collateral to obtain crypto or fiat loans, while lenders can use their holdings to generate interest.
The crypto lending market was down over 43%, from its all-time high of $64.4 billion in 2021 to $36.5 billion at the end of the fourth quarter of 2024, according to a Galaxy Digital research report published on April 14.
“The decline can be attributed to the decimation of lenders on the supply side and funds, individuals, and corporate entities on the demand side,” according to Zack Pokorny, research associate at Galaxy Digital.
The decline in the crypto lending market started in 2022 when centralized finance (CeFi) lenders Genesis, Celsius Network, BlockFi and Voyager filed for bankruptcy within two years as crypto valuations fell.
Their collective downfall led to an estimated 78% collapse in the size of the lending market, with CeFi lending losing 82% of its open borrows, according to the report.
DeFi market overview
According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the green.
Decentralized exchange (DEX) Raydium’s (RAY) token rose over 26% as the week’s biggest gainer, followed by the AB blockchain (AB) utility token, up over 19% on the weekly chart.
Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.
Tokenized stocks are on track to exceed $1 trillion in market capitalization in the coming years as adoption accelerates, two industry executives said at the TokenizeThis conference in New York.
The total addressable market for tokenized stocks — a type of tokenized real-world asset (RWA) — is difficult to project but is “definitely a bigger trillion-dollar market,” Arnab Naskar, STOKR’s CEO, said during an April 16 panel at the event.
In 2025, demand for the instruments has “exploded” from institutions ranging from Web3 wallets to neobanks to traditional financial services firms, according to Anna Wroblewska, Dinari’s Chief Business Officer.
“We’ve had an enormous influx of demand from a much broader scope of potential partners than you might even imagine […] it’s actually been really interesting,” Wroblewska said.
Related: Tokenization can transform US markets if Trump clears the way
Small but growing market share
As of April 18, tokenized stocks comprise around $350 million in cumulative market capitalization, according to data from RWA.xyz.
This represents only a sliver of the total RWA market, which is worth upward of $18 billion, the data shows.
But this could change as tokenized stocks capture a growing share of the US equities market, Wroblewska said. The US stock market has an aggregate value of more than $50 trillion, according to Siblis Research.
There is a “huge appetite for US public equities… even individual investors globally want exposure to US capital markets. Tokenization makes it fast and cheap,” Wroblewska said.
She added that tokenized US Treasury Bills are already in high demand for similar reasons. They currently comprise nearly $6 billion in total market cap, RWA.xyz data shows.
Meanwhile, Coinbase is considering making tokenized shares of its stock available on Base, its Ethereum layer-2 network.
Collectively, tokenized RWAs represent a $30 trillion market opportunity globally, Colin Butler, Movement Labs’ global head of institutional capital, told Cointelegraph in an August interview.
“Tokenization will become a mirror of the market. If the user experience is better, faster, and cheaper, people will default to tokenized assets,” Wroblewska said.
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