The Budget announcement that APR and BPR are to be capped means that almost all farms (save  for low value smallholdings) will have IHT to pay on the death of the owner. This will anger many.

This BBC news article catches the tone:

Farmers "betrayed" by Labour's £1m inheritance tax relief limit - BBC News

I was in the room last November when Steve Read the Secretary of State (then the shadow) told the audience at the CLA conference that there was “no intention of changing APR”.

Since Brexit farmers have gone through huge changes - and they are continuing. Re-balancing food production, net zero targets and improving biodiversity is a difficult process and IHT will add to the challenges.

And APR has never cost the Treasury very much (£400m each year according to the IFS earlier this year; £550m according to the HMRC figures released yesterday).

The headlines changes are huge - we must now wait for the detail.