Mr. Perez founded his beverage company, Global Brands, in 1997 after creating the vodka-based cocktail Vodka Kick (VK). It now owns brands including Hooch and Franklin & Sons and had a turnover of £75m in 2023, according to its latest accounts.

Mr Perez expanded his business empire with the construction of the Casa Hotel in Chesterfield in 2010, before also purchasing the nearby Peak Edge Hotel and Red Lion restaurant in 2017. He also owns a farm, called Walton Lodge, which supplies food at its hotels and restaurants.

In addition to being an entrepreneur, he is a competitive rally driver who has competed in national championships.

“Farms will also disappear”

Mr. Perez said the inheritance tax raid would raise questions about the future of his farms. Farmers in the UK were outraged by the removal of agricultural tax relief for farms worth more than £1 millionwarning it could harm the UK’s food security.

“We raise livestock and vegetables for restaurants. All of that will disappear because it just won’t be affordable to keep it and pay the tax,” Mr. Perez said.

His comments echo those of other prominent farmers, such as Rich Clothier, managing director of Somerset cheese maker Wyke Farms, who warned the changes would make it harder for the company to expand and could eventually lead to less UK land being used for food production.

Mr Clothier said: “I think the change in inheritance tax laws will mean that farms will have more incentive to sell off parts of their farms, which are likely to be used for purposes other than food production. »

Ms. Reeves’ decision to lower the threshold at which employers’ national insurance Contributions (NI) kicks in and increases the contribution rate from 13.8% to 15% from April next year.

Many large employers, including Sainsbury’s and Marks & Spencer, have warned they will face additional costs of tens of millions of pounds due to the changes, and have have signaled that they may have to increase their prices as a result.

Meanwhile, the Sunday Times reported that Tesco would face a £1 billion increase in its national insurance bill during this parliamentary term.

A UK Treasury spokesperson said: “With the collapse of our public services, a £22bn fiscal black hole from the previous government and 53% of commercial property support going to the bottom 4% of claimants. richer, we had to make difficult choices to repair the foundations of the system. countries and restore the economic stability that is desperately needed to allow businesses to thrive.

“By doing this, more than half of employers will see either a reduction or no change in their National Insurance bills, there will be £22.6 billion more for the NHS and workers’ pay slips will be protected against increased taxes.

“This Government is determined to deliver economic growth by boosting investment and rebuilding Britain. »