Source · Select Committees · Welsh Affairs Committee
Recommendation 14
14
We are aware of the importance of succession for family farms.
Recommendation
We are aware of the importance of succession for family farms. One challenge for new entrants into the farming industry is the lack of opportunities available for older farmers to step aside and plan for their succession. We recommend that the UK and Welsh governments work together to understand the drivers for exiting farming and creating sustainable routes that meet financial needs and also enable the next generation of farmers. We note that farmers and land/asset holders might wish to extract capital or divest assets through sale or retain assets and use them to generate revenue (e.g. drawdown or rental). (Paragraph 58) 18 The economic and cultural impacts of trade and environmental policy on family farms in Wales
Government Response
Not Addressed
HM Government
Not Addressed
The UK Government has launched a Lump Sum Exit Scheme for farmers in England. Evidence indicates that some farmers who wish to retire or leave the industry can find it difficult to do so and that lack of finance can be one of the barriers to exit. The Lump Sum Exit Scheme could help such farmers leave the industry in a planned way. By freeing up land, the scheme will also open up opportunities for new entrants and those farmers who wish to expand. The UK Government will share information about the operation of the scheme with the Welsh Government as the scheme progresses.