Farmer finance advice at hand

Robert Thompson
Robert Thompson

Farmers have been urged to seek expert financial advice as agricultural difficulties continue.

Northumberland land and property consultancy George F. White says seeking help early is the best policy when cashflow is stretched.

The business has issued the advice in light of a 40 per cent fall in lamb prices, struggling grain prices, finished beef on a slow burn and the much-publicised price war between supermarkets and the dairy industry.

It has also warned that any increase in interest rates will add to the financial burden, while the exchange rate will not only impact on exports, but could reduce the amount of subsidy received in Sterling later in the year.

George F. White rural practice surveyor Robert Thompson said: “The earlier farmers approach their business consultants and banks to look at their options, the better they can deal with potential cashflow issues, before it becomes an overwhelming problem.

“Banks want to see businesses, whether they’re urban or rural, that have an understanding of their financial position, whether this is good or bad, rather than a business that just buries its head.

“For most farms this year, cashflow is going to be a problem, and it is not going to magically improve on previous years, which is why we urge farmers to arrange a meeting with their farm business consultant before they approach their banks.”