The Basic Payment Scheme (BPS) has provided a vital financial safety net for farmers since 2015. As that level of support continues to be reduced – before being completely phased out by 2028 – farms are having to find other sources of income or ways to reduce costs.
The Basic Payment Scheme has provided a vital financial safety net for farmers since 2015. As that level of support continues to be reduced – before being completely phased out by 2028 – farms are having to find other sources of income or ways to reduce costs.But while the loss of BPS may pose challenges, it also presents opportunities for farmers to re-evaluate, adapt and innovate.
By combining various strategies tailored to their specific circumstances, there are several ways farmers and landowners can navigate the transition, ensuring the sustainability of their operations, securing their financial future and supporting their livelihoods.Optimising operational efficiency is one way to offset the BPS reduction. Embracing technology, streamlining processes and improving resource management can significantly reduce costs.
Clearly, what works for one farm may not suit another, so exploring a mix of strategies and adapting them to individual needs is crucial for success. Savills is still offering free business advice through the Future Farm Resilience Fund throughout 2024 to help businesses with the transition to the post-BPS era.Sorry, we are not accepting comments on this article.
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