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Watch: Budget a 'missed opportunity' for growth, says CAAV Secretary

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The first Budget of the new Government was a missed opportunity to use the momentum of a massive majority and go for growth – both nationally and rurally.

That was the message from Jeremy Moody, Secretary and Advisor to the Central Association for Agricultural Valuers, in a guest lecture given to students and staff at a full lecture theatre at 91Pro– and seen live online by more than 70 alumni and industry viewers.

Mr Moody set out some of the ways in which industry bodies such as the CAAV could help farmers and food producers meet the challenges ahead.

He said: “This is, anyway, even before anything in the last few days, the most fascinating and challenging and interesting decade for professionals serving the rural economy.

“We have changes in policy in each part of the United Kingdom, quite radical changes – we have discussions of productivity, we have discussions of the environment, we have the challenges of climate change, we have all the new technologies.

“We have all the other issues that are coming along, and everybody with a farm, with an estate, with an interest in rural land or rural business is in increasing need of good, personal and relevant advice to help them – and that’s what we do.”

He also spoke about the role rural professionals play in responding to current events – noting that there was no shortage of news to respond to.

He added: “It’s really been quite a week – it started with the Budget, and it finished with the American election. That’s the sort of week that makes the overnight collapse of the German Government seem quite tame!

“But it’s massive, and this simply adds to everything that we face. Obviously, we wait to see, after January, what Trump will do – he has almost a level of control of the American political system that has probably been unparalleled for over 80 years.”

He analysed the new Labour Government’s plans for infrastructure, energy and housing – and explored some of the challenges and opportunities each holds for both the Government and for rural professionals and their clients.

He also analysed the first Budget under new Chancellor Rachel Reeves – and what he described as a ‘missed opportunity.’

He added: “The language is there - and she said ‘we know what we have to do to achieve economic growth, which is invest, invest, invest’ – and the actions aren’t.

“And that, actually, in a much larger picture, is the tragedy of this Budget – it is the missed opportunity to use the momentum of a massive majority, the manifesto mandate for growth, really to go hard at the very beginning of a Parliament, to go for it.”

He also talked about the impact of new taxes upon the industry – citing both the impact of National Insurance changes, and controversial planned changes to inheritance tax.

Setting out the process of bringing in these changes, he added: “We have quite a way to go before we see this actually unfolding.

“There are some people taking urgent, and almost certainly premature, and possibly ill-judged actions now. That is more likely than not to be wrong.

“We are building a picture of how this plays through – we are trying to assess it. That becomes part of the discussion with the Government about ‘well actually, how sensible is this, how does this square with any of your other objectives, are there ways in which this can be revised?’”

Finally, he noted competing demands on land and farmers – and what these mean for Britain.

He said: “We are going to have to find ways to be much better – and the top quartile are doing it, and they will get much better – but, collectively, much better at the efficiency, and quality, and effectiveness of our food production, to be able to meet the needs, with all the challenges from climate change, to take advantage of all the new technologies that are part of this.

“This calls for investment, it calls for skills – who will use these new technologies well? – all these questions are coming at us quickly enough, without any of what we have just looked at from the past week.

“I think that is where we face the unintended consequences, the un-thought through proposals, the challenges of a tragically missed opportunity, for a Budget to be harsh - but lay the foundations for a once again thriving economy, whether national, or indeed rural, or agricultural.

“We are doing our bit. It will happen over the years now, as they unfold - we, and all of you, will be doing our bit to try and help people make the best of this as we go into the future.”

Mr Moody – who holds an Honorary Degree from Harper Adams  - regularly shares his knowledge and influence with the Civil Service, the Government, other representative bodies and many more – including the next generation of Land and Property professionals.

He received a Farmers’ Weekly Lifetime Award for his work earlier this year.

He makes regular visits to Harper Adams, and on this visit, he was accompanied by the current President of the Association, Harper Adams alumnus Martin Hall.