Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

Watch: Rayner steps in for Starmer at PMQs as inflation sees sharpest spike for two years

Holly Patrick
Wednesday 20 November 2024 10:29 EST
Comments

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

Watch as Angela Rayner stepped in for Sir Keir Starmer at Prime Minister’s Questions (PMQs) on Wednesday, 20 November, as official figures showed UK inflation has risen to its highest level since April.

The Office for National Statistics (ONS) said Consumer Prices Index (CPI) inflation rose to 2.3% for October, from 1.7% in the previous month, driven by an increase in household energy bills.

In October, average household energy bills increased by £149 a year after regulator Ofgem raised the cap from £1,568 for a typical dual-fuel household in England, Scotland and Wales to £1,717 — representing approximately a 10 per cent rise.

It marks the sharpest month-on-month increase in the rate of inflation for two years.

Wednesday’s PMQs also came after hordes of farmers descended upon London to protest against Labour’s proposed changes to agricultural inheritance tax.

From April 2026, landowners who inherit agricultural assets worth more than £1m will have to pay 20 per cent inheritance tax on them.

These assets were previously entirely exempt from the tax under the agricultural property relief law.

Under the new rules, the 20 per cent levy – which is half of the standard 40 per cent rate – will be charged on assets above the £1m threshold only.

Treasury data shows that around three-quarters of farmers will pay nothing in inheritance tax as a result of the controversial changes.

However, farmers critical of the figures have pointed to data from the Department for Environment, Food & Rural Affairs (Defra) which suggests 66 per cent of farm businesses are worth more than the £1m threshold at which a 20% inheritance tax will now need to be paid.

The prime minister has insisted he is “absolutely confident the vast majority of farms and farmers will not be affected by this.”

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in