Tyas & Company
Chartered Accountants, Registered Auditors, Tax, Business Advisors
Friday, 10 January 2020 00:01

New funding for farmers announced

Over the Christmas and New Year break, the Chancellor announced that nearly £3 billion of funding is to be put in place to help support farmers once the UK leaves the EU. This cash injection will maintain the level of funding for direct payments to farmers at the same rate as 2019 and supplement the remaining EU funding that farmers will receive for development projects until 2023 at the latest.

This funding will help provide certainty to farmers as we prepare to leave the EU. Sajid Javid confirmed the cash will be used to support farmers once the UK leaves the EU next year, allowing them to plan for the future, sow their crops and care for their livestock with confidence.

The Chancellor of the Exchequer said:

'When we leave the EU and are freed from the Common Agricultural Policy (CAP), we will be able to support our vital rural communities – who are a cornerstone of life in the UK – with a fairer and less bureaucratic system.'

The direct payments scheme forms the majority of spending under the CAP and provides subsidies to farmers based on the area of land under management. Farming organisations have generally welcomed this announcement and will continue to seek long-term funding commitments for the farming industry as well as other measures to help the industry thrive in the future.

 

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