Fifth of farmers plan to diversify to remain financially sound after Brexit
05 NOV 2018
The research found that from the 62% of UK farmers who have already diversified their businesses, over nine out of ten schemes (94%) have been financially successful.
The important role diversification plays in the sustainability of many farms was demonstrated, with nearly two thirds (63%) reporting that the income produced by diversification was ‘vital’ or ‘significant’ to their farm.
Farmers with established diversification businesses were surveyed by NFU Mutual to gain insight into their experiences, as well as farmers currently solely involved in farming activities to understand their attitudes and plans for future diversification.
The most common diversification was renewable energy (29%), followed by property letting (15%) and holiday lets (12%). Other types of popular enterprises included: livery stables (6%), Outdoor leisure activities (5%), and farm shops (2%).