Farm Business

While food and farming in general may have been absent from Chancellor Jeremy Hunt’s Budget speech last week, the news that the scope of inheritance tax agricultural property relief was to be considered could have a significant bearing on the future of many farm businesses.

The countryside is battling a ‘hidden homelessness and poverty’ emergency driven by soaring house prices, the cost-of-living crisis and a ‘gaping shortfall’ in Government funding, a new report has revealed.

MPS have voted to back the Stormont Brake section of the new Windsor Framework, which aims to ease trade between Northern Ireland and the UK.

Rural Affairs Secretary Mairi Gougeon has welcomed the publication of new HMRC trade statistics showing overseas exports of Scottish food and drink were worth £8.1 billion in 2022 – the highest figure on record.

With calls for Scottish Government to provide more support to farmers facing soaring costs, Ewan Pate spoke to farmers on Westray about their fears for the future.

Businesses need to have a plan to prosper through the period of change to Scottish farm support, with inflation eroding support payments in real terms across the UK.

Beef prices are continuing to run at record levels, despite strong production and weaker retail demand, with reduced output elsewhere supporting the market.

Consumers are still looking for quality despite the cost-of-living crisis putting pressure on incomes, with historic food scandals still impacting buying habits.

Farmers have been urged to take another look at ‘improved’ Countryside Stewardship agreements as the application window opens to apply for 2024 Mid Tier agreements.

The latest inflation figures may have been unexpected for economists and politicians but they came as ’no surprise’ to food producers.