§ Lord Roberts of Conwy
asked Her Majesty's Government:
What is their estimate of the decline in average farm incomes in Wales since May 1997. [HL546]
§ Baroness Farrington of Ribbleton
Since 1 July 1999 this has been a matter for the National Assembly for Wales. The latest farm income figures were published on 4 December 2000 and are available from the Economic Advice Division of the National Assembly for Wales. They showed that average Net Farm Income (NFI) for all full-time farms in Wales was estimated to be £5,700 in 1999–2000. NFI is a measure of the economic return to these with an entreprenurial interest in the farm. It incorporates allowances for depreciation and for rent (on a notional basis if the farmer is an owner-occupier). Cash income for 1999–2000 was estimated to be £20,500. The index of NFI at current prices for all full-time farms in Wales shows a decline of 57 per cent between 1997–98 and 1999–2000. The equivalent decline for cash income is 6 per cent.