Farming News - Latest Govt data says farming income fell 7.8% between 2015 to 2016
Latest Govt data says farming income fell 7.8% between 2015 to 2016
This new data presents the second estimate of Total Income from Farming (TIFF) for the United Kingdom for 2016. and is an improved estimate based on additional data that replaces the figures published in April 2017.
Total Income from Farming is the total profit from all UK farming businesses on a calendar year basis. It measures the return to all entrepreneurs for their management, labour and capital invested.
It shows that between 2015 and 2016 Total Income from Farming fell by 7.8% (£311 million) in real terms to £3,682 million.
Conversely a weaker pound led to an increase of 18% in the value of payments under the Basic Payment Scheme.
The value of all outputs fell by 4.8% to £23,267 million. This was mainly driven by falls in both volume and value for cereals and milk.
The cost of intermediate consumption fell by 4.2%, due to lower prices and a general fall in volumes used.
The full report can be found here: