Television personality Jeremy Clarkson led the call by thousands of farmers to scrap plans announced in the Budget to impose a 20% inheritance tax from April 2026 on farms worth more than £1m.

Richard Beresford, Chief Executive of the National Federation of Builders (NFB), said the plans would also have an impact on family-owned construction firms.

He said:  “Construction companies are also generational businesses operating on tight margins, uncertain cashflow and aging workforces. We therefore stand behind farmers who oppose this budget decision because the growth-hindering, anti-business tax changes also apply to our industry.

“With so many construction companies being generational, struggling with regulatory burdens and a fifth of workers being over fifty years old, early conversations with members have highlighted that some will consider closing their businesses, changing operations, or cutting back the size of their operations.

“This means fewer directly employed workers and more subcontracting, so greater pressure on state pensions and public services.

“Some members said they will sell rather than pass on and while this ensures a future for those businesses it comes with workforce insecurity, a loss of experience and talent, and unless bought by a local person, the loss of a local investor.

“This Government is at risk of being remembered as the one which closed the businesses who keep us fed and build the homes, roads, rail, commercial premises, renewable energy, transport hubs, schools, hospitals, utility connections, drainage systems, and climate solutions. A rethink is desperately needed.”