Let’s talk Diversification
For many, diversification is a viable way forward in a time of economic change within the agricultural industry and the UK as a whole.
In the 2017/18 financial year farms on average generated a farm business income of £12,400 from diversifying out of agriculture. This represented 22% of the farms business income which was more than farms generated from agriculture (£10,400) for 23% of farms.
Almost 40% of diversified farms generated at least a quarter of their farm business income through diversification activities. Only 4% of farms generated a negative diversified income.
Are other farms benefiting from diversification?