On lowland grazing livestock farms, income is forecast to be halved at £17,000 while on LFA grazing livestock farms average income is expected to fall by two thirds to £16,000. This is expected to more than offset input rises, notably feed, fertilisers and machinery. A substantial rise in output will be largely driven by output from milk rising by 43% as a result of higher prices. On dairy farms, average income is forecast to increase by just over three quarters to £249,000. Although output will rise on this type of farm, it will be to a lesser extent than input costs: fertiliser costs will be substantially higher, followed by machinery related costs which will increase by 18%. This will more than offset increased input costs, which are predicted to rise by just under a quarter.Īverage income for general cropping farms is forecast to fall by 14% to £125,000. Crop output is expected to increase reflecting higher prices, tight global supplies and increased yields. On cereal farms, average income is forecast to rise by 11% to £134,000. Key resultsĮxceptional price volatility, both in terms of input costs and output revenue, is expected to be one of the key factors influencing farm incomes in 2022/23. The data are also widely used by the industry for benchmarking. It should also be noted that within each year there is a wide range in income across farms around the average figures published here.ĭata on Farm Business Incomes are used to monitor and evaluate Government policies and to inform wider research into the economic performance, productivity and competitiveness of the agricultural industry.
The forecasts are subject to a margin of error, reflecting, in particular, the fact that farm income is derived as the relatively small difference between total output and total input small percentage changes in either of these can result in large percentage changes in income. They are intended as a broad indication of how incomes for each farm type are expected to move compared with 2021/22. The forecasts for 2022/23 are derived from information available in early February 2023 for prices, livestock populations, marketings, crop areas, yields and input costs. Actual survey results for this period will be published in November 2023. These figures are for March/February years with the latest estimates covering the 2022 harvest and including the 2022 rate of the Basic Payment Scheme (which is included within the total farm output and therefore contributes to Farm Business Income). This statistical release provides forecasts of Farm Business Income for 2022/23 alongside results from recent years (Table 1.1). Forecasts of Farm Business Income by type of farm, England, 2022/23
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