Farmers Steeling Themselves For A Tough Time Ahead

The latest figures published by the government suggests that farmers in Northern Ireland could be in for a very tough time with their farm business income expected to fall on average by an astonishing 46%. The fall in farmers income is being put down to the fall in the price of milk in addition to the continued rise of input costs.

Farm Incomes Expected To Decrease To £27,345 In 2023/24

Here are some of the government figures, as copied from an article on the Farming UK website. It says:

‘Measured across all farm types in Northern Ireland, farm incomes are expected to decrease from an average £51,043 in 2022/2023 to £27,345 in 2023/2024.

‘This is a decrease of £23,699, or 46% per farm, the Department of Agriculture, Environment and Rural Affairs (DAERA) explained.

‘Farm business income is expected to increase for cattle and sheep and pig farm types between 2022/23 and 2023/24.

‘For these farms, the upturn in their incomes is attributable to higher beef and pig prices in the past year.

‘However, incomes for cereals, dairy and mixed farm types are expected to fall by 81%, 70% and 33% respectively due to lower grain and milk prices in the 2023/24 year.’

There Has Been Reduced Milk Prices From Record Levels The Previous Year

DAERA farming minister Andrew Muir is quoted in the same article on this very subject, and he said that:

“This decrease reflects the reduced milk prices from the record high levels of the previous year and the continued elevation in input costs for the agriculture sector.

“Fluctuating market conditions is not a new problem, but it remains a very difficult issue for farmers to address.

“These fluctuations are mainly due to price influences across world markets which are very much outside our control.”

Now we have to put our name into the mix here, as we have a lot of experience and knowledge in dealing with farmers accounts. If you are a farmer and you are struggling financially at this moment in time you shouldn’t be facing these issues on your own, you need a dedicated partner beside you to help you navigate through any troubled waters.

We can help farmers with their tax, their overall accounts and help in finding funding, so please don’t delay and get in touch with our dedicated team by ringing us on 028 3752 2909. It could be just the thing your business needs to get back on track and improve your profit margin.