Rise in average 2017 farm incomes

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.

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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.

Posted on March 13, 2018 and filed under News, UK Policy & Regulation.