Farm Profits

DEFRA’s farm profitability figures continue to surprise.  The Department has just released an update to its Total Income from Farming (TIFF) series.  When the first estimate for the 2014 calendar year was published in the spring (see May article) we thought the figures looked too high.  It was expected that subsequent revisions would see profitability revised downwards.  in fact, the ‘2nd estimate’  just published, pushes profitability up.  TIFF in 2014 is now put at £5,413m.  Whilst this is a 2.2% real-terms fall on 2013, it is actually 0.6% higher than first thought.  The full data can be found at www.gov.uk/government/statistics/total-income-from-farming-in-the-uk.  TIFF shows the aggregate profit of the farming industry.