This item was published during the term of a previous administration that ended in April 2007
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Total Income from Farming
30/11/2004
A preliminary forecast of Total Income from Farming
(TIFF) was published today.
TIFF in 2004 is forecast to rise by £1 million, a rise
of 0.2 per cent over the previous year before inflation is
taken into account.
In real terms the forecast represents a fall of around
2.4 per cent.
TIFF represents business profits plus income to farmers,
partners and directors and those with an entrepreneurial
interest in the businesses.
The TIFF per full-time is almost £18,500 in real
terms.
The overall TIFF estimate of £536m is above the long
term average for the current series (i.e. from 1973
onwards).
TIFF is business profits plus income to workers with an
entrepreneurial interest - farmers, partners, directors,
their spouses and most other family workers.
It is the preferred measure of aggregate income,
conforming to internationally agreed accounting principles,
required by both UK national accounts and by Eurostat
The UK TIFF estimates for 2004 are an early forecast
required by the EU. Eurostat (the Statistical Office of the
European Commission) will publish agricultural income
forecasts in mid-December for all member states. Their
headline measure of aggregate income is slightly different
but is based on the same underlying data for the UK.
The figures for past years have been revised to
incorporate up-to-date information. Whilst impacting on
the absolute level, these have a small effect on previously
published trends in income.
Comprehensive and revised TIFF estimates, including
details of output by sector and input costs, will be
published on January 27, 2005.
On the same date the respective agricultural departments
will publish equivalent detailed TIFF figures for the UK,
Wales and Northern Ireland.
Also on that date, the four Agricultural Departments
will be publishing detailed forecast for 2003/04 of Net
Farm Income by type of farm based on their respective Farm
Accounts surveys.