Negative outlook from farmers revealed in MHA Survey

Following on from previous surveys at LAMMA and Cereals, MHA – the national association of independent accountancy practices – has produced a snapshot survey – taken shortly before the EU referendum – of attitudes in farming today, based on a sample of over 100 visitors to the MHA stand at Cereals 2016.

Key findings included:

• A considerable increase from 2015 in those anticipating either no or low business growth
• Unsurprisingly, pricing is still the key concern for the majority
• A growing concern regarding Succession Planning
• Continued confidence in approaching their Accountant as their main advisor

David Missen, Head of the MHA Agricultural sector commented “This is the first time the survey has dipped into negative territory, and reflects a combination of poor prices and poor weather with correspondingly poor yields. However, the good weather in July and August together with currency movement post referendum has certainly helped to improve matters and the outlook for the remainder of the year is looking more positive.

“Clearly, 2016 has been a momentous year with the country deciding to leave the EU and the uncertainty of the vote at the time would have contributed to the general feeling of uneasiness within agriculture.”

The survey also highlighted the “elephant in the room” that is Succession Planning – which continues to be of increasing concern to agricultural businesses. David Missen continued” The sooner families manage this situation the better for all concerned. . All members affected by the succession issue should be involved in the process. This may be challenging for some families but it is crucial in order that misunderstandings are avoided”

For a full copy of the report or for more information about MHA please contact Hannah Farmborough at Hannah.farmborough@mhllp.co.uk or call 020 7429 4100.