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"I genuinely think if you are running businesses, it is probably sensible to think about the future and work out how you are going to plan for succession."

That was one of the messages from Labour's Daniel Zeichner at the AIC Conference.

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With farmers set to rally and oppose the new Inheritance Tax rules, Mr Zeichner said he realised the anxiety farmers are feeling regarding the Budget, but that it had not been ‘easily secured' and further discussions are taking place to understand how it will pan out in the future.

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He said: "The top line I want you to think about is the five billion pounds that we have secured for the next two years.

"It should send a strong signal to entire sector that Government is absolutely determined to work with you on these issues and put money in to make it happen.

"It drives further discussion in many businesses, and although not always a welcome discussion, I think it will be a sensible discussion to have and maybe one of the positives that can come out of this."

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He went on to say he stands ‘firmly with Chancellor on the decisions that have been made' and that it was difficult, and not to underestimate the challenges Chancellor Rachel Reeves faces.

Regarding how the Government worked out the figures, Mr Zeichner said he was confident the numbers the treasury has provide a ‘strong starting point' for working out future implications. 

He also highlighted it is the Chancellor's responsibility to raise money, and Labour's mission is to ‘create conditions for investment and economic success.'

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He said: "That may sound like a curious thing to say given people are feeling anxious post-Budget. 

"When people stand back in few years' time and look at what had to be done in this transition, in what has been a very difficult decade in terms of instability and change, what we have got to do is settle it down and share long term views."