U.K. Farm Income Plunges 29% on Lower Crop Prices and Subsidies
- Income from farming in 2015 was lowest since 2007, Defra says
- Unfavorable exchange rate led to reduced EU subsidy payments
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U.K. farm income tumbled by 29 percent last year as the country’s growers were hit by falling crop prices and lower subsidy payments, the government said.
Total income dropped to 3.77 billion pounds ($5.5 billion) in 2015, the lowest in eight years, according to a report from the Department for Environment, Food & Rural Affairs. It was the steepest drop since 2000. Farmers suffered from lower prices for grain, meat and dairy products while an unfavorable exchange rate reduced subsidy payments from the European Union.