The Ulster Farmers' Union president William Irvine stated that agriculture plays a key role in rural economies, food production, employment, and economic growth in Northern Ireland.

Irvine noted the chancellor's spring statement focused on driving economic growth but omitted any mention of agriculture or the agri-food industry.

He said farmers are prepared to invest in and expand their businesses if provided with suitable conditions.

The UFU welcomed the government's December announcement to raise the 100% agricultural property relief threshold for inheritance tax from £1 million to £2.5 million, transferable between partners, effective from April 2026.

Irvine explained that many family farms will still incur significant inheritance tax bills under this change.

He added that farmers will need to reserve funds for these tax obligations rather than investing in technology, business improvements, expansions, or workforce support.

The UFU demands the complete removal of inheritance tax on family farms to foster sustainable economic growth and rural development.