New figures confirmed that the UK farming industry is playing an important role in stabilising the economy the National Farmers Union (NFU) have stated. During 2010 the industry contributed UK£7.4 billion (US$11.614 billion) to the wider economy a 5.3 percent increase year on year. “However, these figures show that farming still faces challenging business conditions. The overall profitability of UK farming fell by some £173 million (US$271.523 million), (-3.6 percent) in 2010 as the industry saw input costs rise by 5.5 percent. Projections from the Department for Environment, Food and Rural Affairs (Defra) show higher input costs will again influence 2011 profitability, but indicate a two percent rise in farming’s total income in the current year. Read more ...
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