Lib Dems' plea as farm incomes fall by £100k

MINISTERS have been urged to back farmers who are set to be clobbered by inheritance tax changes after new figures showed their plunging incomes.

- By Jonathan Walker

Liberal Democrat leader Sir Ed Davey wants Chancellor Rachel Reeves to set up a new fund “to help farmers on the brink”.

He spoke out after analysis of figures from the Department for Environment, Food and Rural Affairs found that the average livestock farming income fell by 20% in 2023-24 - down from £491,600 to £391,100.

The figures are partly a result of rising costs and tighter profit margins, with the price farmers are paid for milk falling.