Jacobs and his late wife purchased his farm in 2002 for a hefty mortgage. Following his death earlier this year, 50 percent of the farm will be inherited by his four children, who all help with the family business. Jacobs hoped to one day pass half of the farm on to his children; This includes his son Rob, now an engineer, who plans to return home to continue the family tradition.

But given the prospect of an inheritance tax bill reaching hundreds of thousands of people, the family is seriously concerned this may no longer be a viable option.

“Does it make sense for my son to quit his job and come home to farm for pittance in an industry that is not valued in the slightest by the government?” Jacobs said.

Rob said the only way the farm could continue was if the family “cut costs elsewhere,” which would likely mean stopping investing in machinery and improvements to buildings or modernization. You may be able to overcome this in the short term, but what impact will this have in the long term? Will you end up being left behind?

‘Last generation’

The prospect of his family leaving the profession makes Jacobs feel “extremely sad.” “I may be the last generation (of farmers). My children may not be able to follow in my footsteps for much longer,” he said.

For now, the government remains determined. Prime Minister Starmer told the Welsh Labor Conference this weekend that he would be “defending our budget decisions all day long” after being greeted by a convoy of tractors and angry farmers.