Defra's provisional forecasts show average Farm Business Income (FBI) falling in the year to February 2024, for all sectors except grazing livestock and specialist pig farms.
It follows "exceptional highs" the previous year, but high input costs, weather volatility and the phasing out of farm support payments are all factored into the figures - along with reduced crop output driven by lower prices, yields and crop area for wheat.
On cereal farms, average FBI is forecast to fall to £34,000 in 2023/24, down from £150,400 and £120,100 in the previous two years.
Defra’s data suggests dairy farms (incomes down 78pc) general cropping enterprises (down 58pc) and mixed farms (down 46pc) also suffered a testing year.
However, in another key East Anglian sector, specialist pig enterprises saw a 34pc increase in incomes, albeit following a torrid past few years.
Zoe Leach, East regional director for the National Farmers' Union (NFU) (Image: Newsquest)
Zoe Leach, regional director for the National Farmers' Union (NFU) in the East of England, said the figures highlighted the economic pressures on farmers - particularly when added to the prospect of lower harvest yields this summer due to months of exceptionally wet weather.
"These figures do need to be taken into context, because if you have a really good year then anything less will potentially look really bad," she said.
"A good example is the pig sector, which was having a really terrible time a few years ago, and now although the herd is contracting massively, the [income] figures are getting better.
"But there is absolutely no doubt that things have been pretty dire, particularly for cereals and general cropping, when you look at the fact we have had drought, then no end of rain."
Mounting financial frustrations have prompted farming protests in other parts of the country and Europe.
But Dr Leach said the forthcoming general election offered farmers a positive opportunity to highlight issues and influence policy changes.
"Obviously there is a lot of frustration out there," she said. "You can totally understand it, and all around the country there are different reasons.
"As we start to ramp up towards a general election, it is a really good opportunity to talk about these issues because all MPs and political candidates are in listening mode.
"So if we can get people out onto farms to see particular issues out there, like flooding on the Norfolk Broads, that’s the best way of getting them to visualise the issues and understand what the potential solutions are.
"It can be incredibly powerful, and this is the perfect time to be able to do that."
Plummeting income figures illustrate 'dire' economic pressures facing farmers
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21.03.2024
Defra's provisional forecasts show average Farm Business Income (FBI) falling in the year to February 2024, for all sectors except grazing livestock and specialist pig farms.
It follows "exceptional highs" the previous year, but high input costs, weather volatility and the phasing out of farm support payments are all factored into the figures - along with reduced crop output driven by lower prices, yields and crop area for wheat.
On cereal farms, average FBI is forecast to fall to £34,000 in 2023/24, down from £150,400 and £120,100 in the previous two years.
Defra’s data suggests dairy farms (incomes down 78pc) general cropping enterprises........
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