FBI show has highlighted some of the pressures facing the industry
The Farm Business Innovation Show has taken over the NEC today (Wednesday 15 November) and will continue tomorrow. Hosted by Farmers Guardian's parent company Agriconnect, it is run concurrently with Holiday Park and Leisure, Leisure Food and Business and Family Attraction Expo, drawing a wide range of visitors looking for the next move in their business.
With the labour shortage problem following farm businesses in whatever guise they take, Dr Charles Trotman, CLA's senior economist warned of the effect this could have on businesses in both primary agriculture and those tapping into the tourism industry. He warned of the challenges 2024 could bring.
He said: "Due to the labour shortage, it is estimated wages will increase by 36 per cent in 2024, meaning the recently reported 4.6 per cent in inflation will undoubtedly increase and interest rates will certainly not fall."
READ ALSO: Sustainability central to the success of Welsh lamb and beef
Also speaking was Avril Roberts CLA property and business policy adviser who commented on the reliance on government support moving forward.
Referring to research carried out by the CLA, she said: "Only 50 per cent of the value of a farm's BPS will be recoverable through environmental schemes, although this could change moving forward, particularly with Monday's change of Defra secretary of state."
With an ongoing focus on sustainability in all industries, Ellen Fake, senior land manager at Environment Bank noted the reliance the economy has on nature and its resources.
She said: "Currently, 55 per cent of global GDP relies on what nature provides, and one fifth of these services are on the verge of collapse.
There are of course many opportunities posed for landowners through the increase in demand for supplying sustainability credentials and solutions for other businesses.
"The State of Nature Report gave a stark wake-up call. It is sad to see this decline in nature which we are so over reliant on both economically and socially. We need to re-prioritise as landowners the role which nature plays."
