Farmers in the UK are set to get a boost after George Osborne, the Chancellor of the Exchequer, announced a new measure in the budget yesterday. Profits will be averaged over five years instead of the current two, improving cashflow and making it easier to get through downturns.
The NFU welcomed the news. Meurig Raymond, NFU President, said: "We are very pleased that Mr Osborne said that he had listened to the arguments by the NFU and will allow farmers to average their incomes over five years. As he mentioned in his speech, farmers are increasingly facing a volatile marketplace and this will enable them to manage the impacts of this."
Fuel duty was also frozen, helping both farmers and motorists. There was also a renewed push for broadband to be delivered throughout the UK. Farmers should benefit if this is extended to rural areas in addition to towns and cities.