Medium-term confidence among farmers has hit an all time low according to the latest NFU survey: Business confidence goes into the red
One in five plans to cut investment and there is concern about rising input prices, regulation and Brexit. NFU president Meurig Raymond commented, 'everyone is concerned about the trade deal that we'll have with the EU, the domestic policy that will replace the Common Agricultural Policy and labour shortages.'
The survey showed that arable and sheep and beef producers were most pessimistic about the medium-term outlook.
The weak pound led to higher subsidy payments and helped exporters, but the devaluation has recently fed through to higher import costs including feed, fertilisers, energy and machinery.