More than 100 major UK retail businesses and manufacturers have signed a letter by the National Farmers’ Union (NFU) to the Prime Minister to consider making changes to the upcoming inheritance tax.

Major retailers including Aldi, Asda, Lidl, Ocado, Morrisons, Marks & Spencer and Waitrose signed the letter to Sir Keir Starmer highlighting how the increased tax will impact thousands of workers and people operating family farms.

According to the NFU, consequences may involve people selling off land and core businesses to fund the tax bills.

The farmers’ union stated several solutions have been brought forward by independent experts to mitigate the overall impact of the changes on the farming businesses.  

NFU president Tom Bradshaw said: “Over the past 12 months, I have never known such an outpouring of anger and frustration from all sectors of the farming industry and wider supply chain at this unjust policy.

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“It is stopping businesses and farms from investing and will leave many farming families forced to sell all or parts of their business to afford these horrendous future tax bills.”

He added: “Our message to the Prime Minister is clear. We are just a week out from the Budget; there is still time to do the right thing for British farming and rural businesses and consider the valid alternatives that have been proposed by the NFU and others.

“It is not too late to make changes which will raise the money the government needs while safeguarding the future of family farms.”