Rachel Reeves hands farmers inheritance tax break

Treasury says concession could be worth 30m next year and then 70m annually until 2030

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Rachel Reeves has eased inheritance tax on agricultural property after pressure from farmers.

As the chancellor made her budget speech on Wednesday, the Treasury announced changes it said could save farmers and business owners 30m next year when passing on property and 70m a year in the following four years. Farmers, who had driven tractors up to the doors of parliament, were protesting outside at the same time.