Thousands of family farms could go bust thanks to a new raid being plotted by Labour, it emerged last night.
In a fresh blow to the industry, Chancellor Rachel Reeves is considering slashing lifeline subsidies worth billions of pounds to farms in her spending review on June 11.
She is scrabbling to find up to £30billion after leaving herself with little fiscal headroom in last October's Budget and following Labour's U-turn over winter fuel payment cuts.
But critics said axing the environmental land management (ELM) fund will be the 'final blow' for many farms.
The fund, which is worth around £2.5billion a year, was part of a scheme set up after Brexit to replace around £2.6billion farmers received annually from the EU's common agricultural policy.
