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Lowland Livestock Farm Business Income Forecasts 2024

Farm Business Income For Livestock Farming In England

Lowland grazing livestock farms are set for a promising future, with the forecasted average Farm Business Income (FBI) for the 2023/24 period poised to increase by 5% compared to the previous year, reaching £23,000. This positive trajectory underscores the resilience and adaptability of farmers in lowland regions.

Embracing Growth – Driving Forces of Expansion

The anticipated increase in livestock output serves as a primary driver behind this growth, with a significant 21% surge expected in output from sheep enterprises. Strong market prices for both finished and store lambs contribute to this uptick, reflecting a favorable market environment. While output from cattle enterprises is forecasted to remain relatively stable compared to the previous period, market prices for store and finished cattle are expected to remain firm, albeit with lower closing values compared to twelve months ago. Overall, output is projected to increase by 1%, with higher livestock output partially offsetting lower crop output.

Maintaining Stability in Input Costs

Despite the growth in output, input costs are expected to remain unchanged overall. This stability in input costs reflects the prudent financial management and operational efficiency demonstrated by lowland grazing livestock farms.

Government Support and Sustainability Initiatives

In terms of government support, the average Basic Payment is predicted to decline by approximately 36% compared to the previous year, amounting to £9,900. Conversely, agri-environment payments are anticipated to increase significantly by 53%, reaching £13,800. This underscores the growing importance of sustainable farming practices and the role of government support mechanisms in bolstering farm incomes within lowland regions.

In conclusion, the forecasted trajectory for lowland grazing livestock farm business income in the 2023/24 period presents a narrative of growth and opportunity. As farmers embrace the challenges and opportunities inherent in lowland regions, strategic management, innovation, and a commitment to sustainability will be crucial for continued success. Let us embark on this journey with optimism, determination, and a shared vision for the prosperity of lowland farming communities.

R&D Tax Credits for UK Farming & Agricultural Research

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We help agricultural companies and farmers to access  Government funding through HMRC research tax credits. You are eligible to claim if you are funding research projects to improve farming, cultivation, manufacturing, or distribution, 

Arable Farming – Dairy Farming – Fish Farming – Horticulture – Livestock Farming – Poultry Farming

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White label accountancy and tax relief claims preparation and management service for accountants, finance directors, land and property agents, estate managers and business owners in Shropshire, Cheshire, Powys, Staffordshire, Worcestershire, Herefordshire, Mid Wales and the West Midlands.

 


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