Defra’s initial estimate of England farm incomes for the 2017/18 (March to February) year predicts increases in all farm enterprise incomes, save for lowland grazing livestock, which is unchanged, and grazed livestock in less favoured areas (LFA), which is lower.
The analysis states that average farm incomes have risen though a combination of the weaker sterling since the Brexit referendum; a 6% rise in Basic Payments as a result; and higher milk, crop and livestock prices. However, input costs have risen too.
Average dairy incomes are predicted to have doubled over the year to £99,000; with average cereal farm incomes up 48% to £66,000 and on general cropping units by 11% to £78,000. Pig and poultry incomes both rise by 5% to £61,000 and £57,000 respectively. Mixed farms see an increase of 14% to £33,000. Lowland grazed units are unchanged at £16,000, but their LFA equivalents fall by 8% to £25,000 through a lower breeding sheep values and higher input costs.
The full report is at https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/684137/fbs-businessincome-statsnotice-28feb18.pdf. Final figures will be released in October.