Finance News

The Department of Agriculture, Environment and Rural Affairs (DAERA) has revealed that Northern Ireland’s total income from farming has fallen by 44% in 2023. 

“The only sensible course of action is for the Treasury to reverse this decision,” said the NFU president following the meeting with Defra secretary of state and Treasury officials to stress the significant impact changes to Inheritance Tax (IHT) would have on British food and farming. 

Farming organisations have responded to the Autumn Budget 2024 that was announced earlier today by Chancellor Rachel Reeves, explaining how it will influence farmers and their businesses.

The impact of Budget 2024 announced tomorrow by chancellor Rachel Reeve’s could be wide-ranging for rural and agricultural businesses, stretching from tax policy to national infrastructure investment, a countryside property expert warns. 

The farming community has been warned that the recent proposal to increase fees paid by abattoirs could have a catastrophic impact on small and medium businesses. 

NFU has written a letter to prime minister Sir Keir Starmer calling on him to stand by his commitments to British farmers and growers by delivering a renewed agriculture budget and confirm the continuation of Agricultural Property Relief (APR) on 30th October.  

Farmers and growers are increasingly concerned by reports that the Treasury is considering major changes to Agricultural Property Relief (APR) as part of the forthcoming budget, something that would have a serious impact on many family farms. 

Farmers have been warned to avoid getting caught out by the much-anticipated rise in fuel duty, which is expected to be announced in the Budget on 30th October. 

More farmers are planning to diversify their businesses to boost farm incomes in the long-term, new research conducted by NFU Mutual has revealed. 

Aldi has announced plans to invest over £30m in dairy farmers over the next three and a half years through an enhanced partnership with Arla. 

“The farming and growing businesses that produce food need long-term certainty so they can plan and invest for the future,” said the NFU president while calling on the government to deliver an increased agriculture budget. 

Farm input costs have increased by an average of 44% since 2019, according to research by the Agriculture and Horticulture Development Board (AHDB).