Bank booklet to help budget

Thursday, 1 November, 2001

By Olivia Cooper

HSBC Agriculture has released a booklet providing a framework to help farmers construct individual farm plans and budgets for the year ahead.

Forward Planning 2002 contains the banks best estimates of farming prices and costs for next year, showing improved prospects for milk and wheat returns in particular.

The booklet includes gross margins for arable and livestock sectors, as well as information on support payments and scheme rules.

Price sensitivities have been added to reflect how different selling prices affect the gross margin.

Steve Ellwood, head of HSBC Agriculture, said: “UK farmers are increasingly affected by global events and if individual farmers are to succeed, they need to respond quickly and positively to changing circumstances.

“It is much easier to do this if you have a properly constructed budget and understand how it will change as prices and costs vary.”

Copies of the booklet are available from HSBC Agriculture on 0207 2606801.