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Farmers face a massive 23% drop in income

FARMERS HERE could experience a huge drop of income of up to 23 percent for 2018-19, according to the Department of Agriculture. This is in line with Total Income from Farming Figures (TIFF) released by the Department.
Provisional figures released outline a fall of 23 percent or £107 million, from £467 million in 2017 to £360 million in 2018. The latest report states that Farm Business Income measured across all farm types is expected to decrease from over £33,000 in 2017/18 to £26,030 for 2018/19.
Commenting on the latest figures the Ulster Farmers’ Union remarked that the figures were disappointing but not a surprise, and highlighted farmers’ dependence on direct support payments.
“Look behind these and of the £360m total income, £286m was made up of direct support from Brussels through CAP,” Ivor Ferguson, UFU president said.
“That is why decisions on how this will be replaced after Brexit cannot be allowed to drift even further.”
Presently official statistics outline that up to 80 percent of farm income generated by farmers in the UK is accounted for by the EU Single Payment support mechanism. The future of such support has been widely debated as Brexit looms.
Further notable statistics from the report show figures for the calendar year total gross output for the North was one percent higher and there was a two percent increase in the value of output from the livestock sector, field crops also rose by three percent.
However, in 2018 feed costs rose by 13 percent to £867million, this accounted for 55 percent of all input costs. Cost of fuel and also rose by 10 percent and machinery expenses also jumped up by five percent.

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