Editorial: As farmers await Budget 2026 - pressures on our rural businesses need addressed

​​Fresh concerns about the financial pressures facing our farming industry are a reminder of the challenges facing this lynchpin of the Northern Ireland economy.

This week, the Ulster Farmers’ Union released research which it said demonstrated that rising costs are leave farmers fighting to maintain viable businesses.

Today, the Chancellor John Healey will unveil the first Budget of the Andy Burnham government, with tariff cuts expected on products such as kerosene and fertilisers which could ease some pressures.

However, the National Farmers’ Union has already said the changes are not enough, and argued that any benefit to farm businesses as “likely to be minimal”.

There have also been calls from across the country for the government to reverse its hugely controversial inheritance tax policy for farm businesses, two years after it was introduced by Mr Healey’s predecessor Rachel Reeves.

The threshold was initially set at £1m, and since raised to £2.5m – with the allowance to be transferred between spouses and civil partners, meaning in some cases £5m of value is protected.

Farming representatives also want to see a full reversal of the policy when John Healey unveils his plans today – something local parties unanimously support.

Most of the big ticket issues facing farmers will be made at Westminster, which highlights the importance of our MPs turning up to take part in debates and votes in the Commons.

However, Stormont has significant sway over our farming sector, particularly when it comes to its own environmental legislation.

The size and importance of the rural economy here means it will be a much bigger election issue in the Assembly election than in a national poll, and farmers will be watching closely what the parties are offering to do at Stormont.