Diversification vital to region – NFU Mutual
Farmers in the South West are seeing the benefits of diversifying their businesses.
A breakdown of NFU Mutual’s Diversification Report reveals that 95% of already diversified farmers in the region see diversification as a positive development for their farm, topping 89% nationally.
A total of 80% said their diversification business has created jobs and boosted the local economy, compared to 59% nationally, while 40% in the region believe diversification will play a greater role on your farm after Brexit.
In addition, 40% of South West respondents said diversification income was vital to their farm’s future viability, compared to 28% nationally.
And when asked if they are planning to increase their diversification activity in the next five years, 39% of those surveyed in the region said yes.
The most popular diversification activities in the South West are renewables (21%), property letting (14%), holiday letting (14%) and caravan / camping sites (11%).
The survey also looked at rural isolation issues, with 17% in the South West saying that as a modern farmer they feel isolated. More than half (61%) thought a diversification project involving the public would make them feel less isolated.
Amongst farmers who do not currently run diversification enterprises, 25% said they would continue farming as they do now after direct farm subsidies under the Common Agricultural Policy (CAP) cease. Just under half (49%) said they would adapt their farming activities, while 7% would set up a diversification business and 18% would consider going out of farming.