Defra has revised its estimate of the UK Total Income From Farming (TIFF) figure for 2016, with the calendar year now 6% lower than 2015, not slightly higher as first calculated.
The Department’s first estimate, published in late April, pointed to a 1.5% increase in the overall 2016 TIFF figure to £3.96 billion, up from the £3.84bn in 2015.
However, its latest estimate, which includes “new data available since April,” revises the 2016 TIFF to £3.61bn, a 5.9% drop on the previous year. The original estimates measured a 3.4% fall in the value of farm outputs to £23.55bn, while the revision reduces it further to £23.15bn, a 5% fall from the previous year.
The revision also reduces the cost of all farm inputs used to £14.95bn, down from the earlier estimate of £15bn, meaning the total inputs bill dropped by 4.5% over the year, not the 4.2% originally cited.
Defra says falls in the value of wheat by £426 million, milk by £395m and oilseed rape by £170m more than offset the favourable effect of higher CAP direct support post devaluation which added£309m and lower fertiliser and animal feed costs which saved farmers £250m and £204m respectively.