A record number of farms were forced to close for good this year after the UK Government's tax raid made the future of thousands of rural businesses unviable.
A total of 6,365 agriculture, forestry and fishing businesses have closed over the past year, according to the Telegraph, the highest since quarterly data was first published by the ONS in 2017.
The majority of these closures took place during the first six months of the year after Chancellor Rachel Reeves announced in October that she would cut the amount of inheritance tax relief available to family farms.
Just 3,190 businesses in the sector have been set up over the same period. It leaves a net loss of 3,175, indicating the number of farms is shrinking at the fastest pace on record.
Tom Bradshaw, president of the National Farmers’ Union, said confidence in the industry was “at rock-bottom” with farmers facing “a number of challenges.”
A Department for Environment, Food & Rural Affairs spokesman said: “Our commitment to farming and food security is steadfast and farming profits in the UK increased by £1.6billion last year.
“We are slashing costs and red tape for food producers to export to the EU, have appointed former NFU president Baroness Minette Batters to recommend reforms to boost farmers’ profits, and we’re ensuring farmers get a bigger share of food contracts across our schools, hospitals, and prisons.”