The NFU has discussed with the UK's leading banks this year's flooding impact on farmers' livelihoods and ways to recover from it.
The union's Banking Forum saw industry and financial leaders discuss the continuing impact of wet weather and flooding events on farmers.
Speaking with Barclays, Clydesdale Bank, HSBC, Lloyds and NatWest, the meeting discussed the economic outlook for the farming sector and explored opportunities to support farmers recovering from heavy rainfall in recent months.
It updated delegates on the NFU’s ambition to achieve net zero emissions by 2040, the union's general election manifesto and key asks for the new government, as well as ongoing work around Brexit and BPS and agri-environment payments.
NFU deputy president Guy Smith, who chaired the meeting, said: “Today has been a fantastic opportunity to bring together banks and update them on what issues farms are facing – particularly given the challenging year ahead as a result of wet weather this year and its possible impact on harvest 2020.
“This year’s wet autumn will have a long-term impact on farmers, and we expect that it will be particularly challenging in the autumn of next year when harvest 2020 is brought to market.”
Mr Smith explained that some farmers are currently unable to grow oilseed rape as a result of pest damage.
Meanwhile, some growers are under further pressure as there simply were no crops in the ground before the wet weather hit.
He added: “Furthermore, the risks associated with a surplus of barley are heightened by a no-deal Brexit because of our relationship with the EU as our biggest trading partner.
“It was a pleasure to host the major banks and impress upon them their key role in keeping farm businesses competitive while maintaining the highest standards in the aftermath of the wet weather.
“The NFU said will continue to engage in its constructive dialogue with the banking sector.”
