Finance News

Farming groups have welcomed the package of measures announced by Defra on the eve of Back British Farming Day (12th September) to provide an uplift to the industry, but said more needs to be done to support producers currently facing a cash-flow crisis.

In recognition of the challenges farmers face with high inflation and rising input costs, the government has confirmed this Back British Farming Day (13th September) that those holding a live Sustainable Farming Incentive 2023 (SFI) agreement will receive accelerated payments to help with cash flow.

With the launch of the SFI scheme delayed until mid-September and farmers facing a bleak end to 2023, the NFU is calling on the government to “do the right thing” and halt all further reductions to BPS payments until environmental schemes are fully up and running.

As poor weather has made for a particularly challenging harvest, Defra has extended the application window for CS Mid Tier agreements until mid-September.

The Rural Payments Agency (RPA) has confirmed farmers will be issued the first instalment of BPS advance payments tomorrow (1st August), representing up to 50% of annual direct payments.

At a seminar on the Welsh government’s proposed Sustainable Farming Scheme (SFS) hosted by NFU Cymru, farmers have raised concerns over the 10% tree cover and habitat targets with rural affairs minister Lesley Griffiths and called for greater flexibility to make the scheme viable for producers.

With subsidy payments for farmers set to end this year, the Welsh government has announced the launch of an interim agri-environment scheme from 1st January 2024 to provide alternative support until the start of the proposed Sustainable Farming Scheme in 2025.

Despite high input costs, the total income from farming (TIFF) in England came to £5.7 billion in 2022, marking an increase of 12.9% on the previous year, the latest figures released by Defra yesterday (6th July) have revealed.

The Central Association of Agricultural Valuers (CAAV) has strongly opposed a proposal that would restrict Agricultural Property Relief (APR) on tenanted land to land let for at least eight years.

Discussions have begun around increasing levy rates from April 2024 as AHDB claims the board’s spending power has been significantly reduced by inflation and rising costs, limiting its ability to deliver valuable services to the agriculture sector.

Over £30 million has been made available to farmers and foresters for equipment and technology under the Productivity and Slurry budget.

Latest research from NFU Mutual has shown farmers and other agricultural workers are more likely to be proactive in the face of current economic challenges such as high inflation by seeking financial advice and exploring investment opportunities.