You will have heard quite a lot about Labour’s first Budget. One of the most anticipated in recent history, and the first ever delivered by a woman, it’s no surprise there has been so much coverage of it and reaction to their spending plans.

As Liberal Democrats, we welcome the Chancellor’s promise of a large cash injection into the NHS – it was our biggest campaign during the General Election and it’s heartening to see she is promising new money for day-to-day spending as well as an increase in the capital budget for the NHS estate. A pity though, that social care was side lined once again.

I also welcome £1bln extra to support children with special needs and disabilities in schools – not enough to solve the problem but a good indication the government is listening.

There were a couple of other announcements I’d like to focus on here, which could both have a huge impact in South Devon – a constituency characterised by hundreds of small businesses and a network of family farms, many of which have been maintained through several generations.

Firstly, the reforms to Agricultural Property Relief. The farming community has reacted in horror to a change that could see families hit with huge tax bills when a farm is passed down from one generation to the next.

The change was aimed at big estates and landowners who have bought agricultural land to avoid inheritance tax. But smaller family farm owners are worried. While their farms may be worth a lot on paper – mainly due to the high cost of land in the UK – it is notoriously difficult to make an income from farming, so paying any kind of inheritance tax bill could force them into having to sell land.

We would have preferred to introduce a family farm test as exists in some other countries, to close the loophole of corporations buying land and exploiting exemptions, while protecting genuine farms.

We cannot afford to endanger food security in this country or present any more challenges to farmers than they already face. With rising input costs, higher interest rates, pressure to fulfil environmental objectives and a supermarket system that works against them, it's a tough place to be right now and rural economies depend heavily on the farming backbone.

The Liberal Democrats backed British farmers during the election, calling for an extra £1bn in support. We were sorry not to see this in the budget, and we will continue to be a strong voice for our rural communities.

Another area of concern for me is the government’s decision to scale back the business rates relief that applied to the hospitality, leisure and tourism sector.

A permanently lower level of rates for the sector is welcome, but as the sector was just beginning to see some growth, many businesses will find this reduction in relief a blow, especially as it combines with higher employer NI costs and a higher minimum wage.

I’m disappointed that the Chancellor didn’t see fit to increase taxes on the big banks, tech companies and oil and gas sector – all of which can absorb higher taxes more easily than any of our small businesses on the high street.

A rise in the bus fare cap will also be a blow in an area where buses are the only viable public transport option – if they exist at all! Bus routes are vital to economic activity and social connection, especially in rural communities – and if the government is serious about chasing economic growth, then it should invest in services that will boost our struggling town centres and high streets.

The new government undoubtedly had to make very difficult choices because of the mess the Conservatives left our public finances in, and they’ve made some good ones. Others may turn out to be less beneficial in areas like ours.