Speaking after Wednesday’s announcement in the House of Commons, the MP said: “Rachel Reeves remains defiant and seems to have no intention of backing down on the APR measures introduced in the autumn budget. Once again, the Labour government has missed a chance to redeem itself in the eyes of the farming community and those employed in the wider agri-food sector.

“Sir Keir Starmer’s party claims it is providing security and putting more money in the pockets of working people. This couldn’t be further from the truth! Farmers are hard-working people, and they have been dealt blow after blow since Labour came to power.”

The DUP’s Agriculture, Environment and Rural Affairs spokesperson added “Labour promised to bring change to our country – they certainly have, but not in the way voters expected. This government has abandoned its pledges and failed to ‘roll up its sleeves’ to deliver on its pre-election promises.

“The Prime Minister was quoted as saying, ‘food security is national security’, but in reality his government is on course to devastate family businesses who have been feeding the nation for generations.

“Within twelve months, farms with assets in excess of £1m will be hit with the Chancellor’s ‘death tax’. The prospect looks bleak for many farming enterprises across the UK, with farmers, accountants, industry representatives and government advisers, all united in trying to encourage the Chancellor to do a U-turn on her ill-considered attack on family farms.

“Rachel Reeves refuses to admit her figures are flawed. Farming is not the ‘cash cow’ she thinks it is. Her vision for economic prosperity is away off-course.”

Ms Lockhart added: “Since October farmers have been questioning the long-term viability of their businesses. Farming is faced with daily challenges and many rural family farms simply cannot afford to shoulder this substantial and unfair tax burden.

“If the Chancellor continues to push this agenda, she will decimate livelihoods, jeopardise succession planning and undermine UK food security. Her actions will be the ‘final straw’ for farmers and growers who work tirelessly to tend the land, protect the environment and contribute to the rural economy.

“For many morale is at an all-time low. More than 100,000 people are involved in Northern Ireland’s agri-food sector which provides high-quality and nutritious produce to feed 10m people. Farm enterprises are already under financial pressure from the rising cost of living, higher energy bills, volatile farm-gate prices, and changing trade conditions.

The MP warned: “Farmers are resilient and the Labour government has a huge fight on its hands. The Prime Minister and the Chancellor remain blinkered, but its time they came to appreciate the value of the agricultural industry. With an insecure global stage, the message is very clear – No Farmers, No Food!

“Farmers remain defiant and strongly opposed to the agricultural property relief changes. They are eager to fight to sustain their businesses for future generations, and I will continue to ensure their voices are heard right in the heart of Westminster.”