Total income from farming (TIFF) has fallen by 14% to £4,704m between 2011 and 2012 according to Defra, allowing for he effects of inflation. TIFF per annual work unit of entrepreneurial labour is estimated to have fallen by the same percentage to £25,175 in 2012. The fall in income was said to be due to an increase in the value of inputs and other costs greater than the increase in the value of output. There was also the effect of the changes in value of the pound against the euro regarding direct payments to farmers.
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