UK: Welsh farm incomes are increasing

In the year to March 2022 Welsh farm incomes rose to a new overall average of £38,600 - up nearly a third on levels reported in the previous twelve months. The detailed information is contained in the latest release of the annual 'Forecast of Farm Incomes in Wales' publication released by the Welsh Government, which provides an insight into long-term trends in farm incomes and market performance. The current Hybu Cig Cymru - Meat Promotion Wales (HCC) monthly Market Bulletin looks into the results of the 2021-22 financial year along with the impacts of inflation on the sector. "It must be remembered that the period of the report (2021-22) largely predates the dramatically different business climate following the surge in costs that came with rising inflation and the war in Ukraine that hit many farm businesses in the current financial year (2022-23)," said Glesni Phillips, HCC’s Intelligence, Analysis and Business Insight Executive. She explained that the report featured mean ...