Farm income in Britain fell by 29 percent during 2015, according to a government estimate, to the smallest amount in eight years, reported Bloomberg. “Farmers suffered from lower prices for grain, meat and dairy products while an unfavorable exchange rate reduced subsidy payments from the European Union,” said the news agency. Commodity prices are down after back-to-back bumper harvests around the world. Bloomberg said more than half of the income of British farmers comes from EU supports. The country will vote in June on whether to stay in the EU or leave.
U.S. net farm income, a measure of wealth from production, fell by 38 percent last year, pulled down by a severe slump in crop and livestock prices. Farm debt increased and the debt-to-asset ratio, an indicator of financial stress was the highest in four years. USDA forecast farm income will stabilize this year.