UK: Welsh farm incomes are increasing

Published 2023년 2월 7일

Tridge summary

Welsh farm incomes experienced a significant increase in the year to March 2022, with the average rising to £38,600, a nearly 33% increase from the previous year, as per the Welsh Government's annual 'Forecast of Farm Incomes in Wales' report. This marks the highest average since 2011-12. The increase was more pronounced for cattle and sheep farms in less favored areas, with a 29% rise, while lowland cattle and sheep farms saw a 16% increase. The report emphasizes that these averages do not account for the wide variation in incomes among farms. However, the next report is expected to reflect the challenges presented by sharply increased farm input costs and the consumer spending pressure from the cost-of-living crisis.

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Original content

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 ...

Source: EuroMeat