The first estimates for 2017 by DEFRA show total farming income rose by 41% to £5,742 million, a £1,683 million increase. Total income from farming is the profit from all UK farms in a calendar year, measuring the return to all businesses for their management, labour and capital invested.
Productivity levels are also estimated to have increased to the highest level recorded between 2016 and 2017, an increase of 2.9%. This sustained year on year increase in productivity suggests farmers are embracing smarter, increasing efficient methods and driving innovation.
The sharp increase in productivity has further boosted farmer’s bank balances. Across all farming sectors, the total income from farming per person engaged in entrepreneurial labour in the sector rose by 41% in real terms, to £29, 794 a year.
Farming Minister George Eustice commented on the figures,
“Farming is a volatile business and individual businesses will face many different challenges in a year, but these estimates show an industry that is ready to make the most of the opportunities leaving the EU will present.”