New generation is game for the future
AS THE country’s farmers grow older, a report has revealed the huge untapped potential of the younger generation.
The study, by NatWest and The Royal Bank of Scotland, claims millennial farmers are facing serious, unnecessary challenges. As the number of young people entering agriculture continues to fall, those already in the sector are struggling to grow and diversify their farms. The report calls for rapid action to ensure a more joined-up approach from governments and a more flexible finance framework.
Study
Entitled ‘Harvesting the future for young farmers’, the report is based on a study of more than 500 young and potential new entrant farmers in Britain.
It reveals key obstacles to entering and succeeding in the industry, including:
‘Dead man’s shoes’ syndrome - limited succession opportunities.
Inability to embrace new farming models such as share farming.
Access to funding and varying levels of business skills advice.
Despite these challenges, the report suggests almost 20,000 new diversification projects could be delivered by young farmers, generating £11,900 in additional income per farm. Ian Burrow, Head of Agriculture at NatWest and the Royal Bank of Scotland, said: ‘Millennial farmers are a high tech, highskilled, highly-motivated group who hold a realistic picture of farming in their heads and want a career on the land. They are, however, seriously constrained in a number of ways. With Brexit further heightening these challenges and increasing uncertainty, it is important we act now. Unless additional investment is secured, it is unlikely the economic potential these young people hold will be unlocked. Banks, government, families and communities need to come together to ensure today’s young farmers receive support.’