As uncertainty looms over Britain’s farming industry in the wake of policy changes and a challenging economic landscape, GFW explores what lies ahead for UK farmers. While expert outlooks often paint a bleak picture, GFW believes there is a critical, often overlooked element driving the industry forward: the enduring passion of farmers.
Unlike many other professions, farming is more than a job, it’s a way of life, built on resilience and adaptability in the face of adversity. In late November, GFW brought together farmers, lawyers, agri-food specialists, and other industry leaders to reflect on the impacts of the latest budget announcement and to explore new opportunities, such as green energy and evolving land policies, that are reshaping the countryside.
Representing GFW at the roundtable were Partner’s Andrew Entwistle and Elliot Taylor, Senior Rural Surveyors, Heather Warburton and Alastair Lumsden and Chairman, Robyn Peat. GFW's in-house experts provide comprehensive support across farm management, valuation, sales and acquisition, taxation, succession, landlord-tenant matters, dispute resolution, environmental issues, and renewable energy projects, to name a few services.
A key takeaway from the roundtable is that despite the challenges that lay ahead, farmers have survived a long history of challenging conditions and policies and will maintain resilient following the latest changes to Inheritance Tax.
Discussing the outlook for the industry, Elliot Taylor said: “We feel that we’re in the midst of a ‘Rural Revolution’, a period of transformation that brings unprecedented opportunities for farmers and landowners while reshaping the rural landscape for generations to come.
“Alongside these opportunities are substantial challenges that continue to pressure farming futures and profitability. But history tells us one thing, farmers are resilient. They adapt, innovate, and embrace change when it comes.”
Future land use is being driven by new legislation, evolving government policies, and the ever pressing need to address climate change, however all of the above also provide great opportunity for farmers and rural landowners.
Heather Warburton commented: “While current circumstances present undeniable challenges for farmers, it's essential to recognise the opportunities that still exist. For instance, advancements in AI are poised to revolutionise agriculture, supporting farmers in optimising production, saving valuable time and resource.
"Additionally, the renewable energy transition offers significant potential for farmers to repurpose lower-quality land for solar and wind projects, creating new revenue streams. Similarly, the government’s ambitious housebuilding targets will require substantial land availability, presenting another avenue for farmers and landowners to explore.”
Andrew Entwistle added: “Despite the changes to Inheritance Tax policies, we don’t foresee agricultural landownership losing its desirability. Agricultural land still qualifies for 50% tax relief, an attractive percentage when compared to other assets that are taxed at 100%.
“The latest policy changes also place greater emphasis on succession planning, prompting vital conversations about the future of family farms. This clarity provides the next generation with a stronger footing and a clearer path forward.”
As the rural sector responds to significant changes, the resilience and adaptability of farmers remain central to its future. Advancements in technology, the shift toward renewable energy, and evolving land policies are reshaping the countryside and creating new opportunities alongside the challenges. The passion and determination of the farming community have always been a driving force, and this period of transformation is no exception. With careful planning and a forward-facing outlook, the sector will not only overcome these changes but emerge stronger than before.
For a comprehensive approach it is important for those impacted to seek trusted advice, whether that be from a lawyer, accountant or farm business consultant. By doing so they can navigate the current complexities with confidence and ensure the long-term sustainability and success of their livelihood. Trusted advisors can provide the guidance needed to adapt to evolving regulations, optimise resources, and plan strategically for the future.
To talk to a member of our team, call us on 0333 920 2220
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