Farming News - Composure needed amid Budget changes

Composure needed amid Budget changes

That's according to Paul Harris, CEO of staff specialist REAL Success, in the wake of last month's Budget.
 
"These policy shifts, while significant and unwelcome at a difficult time for our industry, do provide an opportunity for farms across the UK to reflect on key areas like succession planning, managing staff costs, and getting the best from their teams," says Mr Harris.
"Now more than ever, the industry needs to reassure its people, showing them that there's a clear and hopeful path forward with a future for them and their families."
With proposed changes to Inheritance Tax, starting the discussions around succession is essential. "Inheritance tax changes bring attention to the importance of preparing for the future," he says. "By planning early and taking a proactive approach, we can ensure our farms remain resilient, adaptable, and ready for whatever lies ahead."
The increase in minimum wage is another change set to impact the industry. "However, we must consider innovative ways of balancing labour costs while still investing in our teams. Rising wages may be challenging, but they're also a reminder that a well-supported, motivated workforce is invaluable."
And investing in people can pay long-term dividends. "Our teams must feel secure and valued, especially against a challenging backdrop. Showing commitment to your people builds loyalty, morale, and resilience - essential to weathering any storm. Even as labour costs rise, investing in those around us can yield returns which far outweigh the expense."
Overall, the farming community is a force which is stronger together, he says. "We must hold our nerve, support one another, and stay invested in our industry. By staying committed to our goals and taking a proactive stance, we show that agriculture in the UK is strong, adaptable, and ready for the future."
And although the Budget's impact has attracted a lot of attention on social media, it's important to consult the facts and get relevant advice. "REAL Success is here to help farmers navigate this journey with practical resources, HR and succession planning advice, and unwavering support."