£883 million shortfall in rural economy

The Mid Devon Advertiser reports that farmers in the South-West are being warned of ‘economic shock’, as research by the Countryside and Community Research Institute (CCRI) predicted that the rural economy would lose up to £883 million between now and 2027

This was attributed to financial discrepancies in the transition from the support received from the Common Agricultural Policy to the replacement Sustainable Farming Initiative.

The report was undertaken by CCRI at the University of Gloucestershire with support from the National Innovation Centre for Rural Enterprise.

The report suggested that with the rural economy having up to £440 million less to spend on materials and services, there will be a significant knock-on for all South-West jobs and businesses.

The report found that Devon and the South-West’s rural economy is particularly vulnerable to the financial impact, as many of the local farms are often family-run, and with farming a significant driver for the region’s economy, the predicted impact on the sector’s supply chains, producers, suppliers, business owners and workers is widespread.

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The Mid Devon Advertiser - £883 million shortfall in rural economy