MHA‘s annual Agricultural Insight is a survey of attitudes in the farming sector. The survey follows on from similar sampling at LAMMA and Cereals over the last four years, and threw up some surprising answers.
Cereals is the UK’s leading annual arable technical event which this year saw over 20,000 visitors celebrate the 40th anniversary of the event.
- When asked for a prediction of business growth in the next 12 months, the majority of respondents (51%) foresaw static or negative growth. Less than 20% expected high growth.
- Financial issues (pricing and cashflow) are the biggest concern for over two thirds, followed by the funding machinery replacement, the availability of land and inheritance tax.
- More than three-quarter of respondents (76%) had concerns around succession planning.
- When asked about influences over machinery purchases, the four options of increased efficiency, planned replacement, expansion and tax efficiency were broadly equal.
- While Making Tax Digital has since been delayed, worryingly 42% of respondents hadn’t even heard of MTD!
A version of this blog originally appeared on the website of our MHA association.