Almost half of British farmers are looking at diversifying their businesses due to the biggest change in funding for decades following Brexit, states a report by NFU Mutual.
It shows that 48 per cent of farmers are planning to set up or expand diversification businesses, moving into new areas such as tourism, hospitality, retail and renewable energy.
This figure has doubled since NFU Mutual carried out similar research in 2018 and found 23 per cent of farmers were planning to expand or start diversification enterprises.
“The next seven years will be crucial for the farming industry,” explained Chris Walsh, NFU Mutual’s farm specialist.
“Whether it’s building holiday cottages, launching a wedding venue, or opening a farm shop, not only can these new businesses supplement the farm, they often provide other members of the family with a crucial role.”
Defra statistics show that diversification activity brought in £740m of income in 2018/19 – up 6 per cent on the previous year.