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Budget Resolutions

My right hon. Friend is right that this is another broken promise. At the general election, the now Secretary of State for Environment, Food and Rural Affairs gave an unequivocal guarantee to farmers across the country that there was no question of farms being brought into inheritance tax. There is a good reason for the exemptions and relief, because if inheritance tax is levied on family farms that are passed down to another generation, those farms will have to be broken up, with parts sold off to pay the tax.

I am glad that my right hon. Friend the Member for Gainsborough (Sir Edward Leigh) mentioned this, because the OBR has said that, by 2030, this measure will raise the princely sum of £520 million, which is enough to run the national health service for just one day. Has a more modest sum ever raised so much misery? I think not.

The Chancellor assured us that she will not fiddle the figures by changing the fiscal targets, yet we have seen the fiscal targets changed to allow this Government to borrow an additional £140 billion.

This is not a good time for the Secretary of State to talk about pensioners, but she mentioned them at the end of her speech. They were so badly let down by the means-testing of the winter fuel payment, and they were not told in advance to expect anything like it. Ten million pensioners across the country will lose up to £300 as a consequence of this measure. The Government claim that only the wealthiest, only the millionaires, will be affected, but two thirds of pensioners below the poverty line will have this benefit removed.