£883m shortfall in rural economy

The Mid Devon Advertiser reports that farmers in the South West are being warned of an ‘economic shock’ as research from the Countryside and Community Research Institute (CCRI) has predicted the rural economy will lose up to £883m by 2027.

This was attributed to financial gaps in the transition from support received from the Common Agricultural Policy to the Sustainable Agriculture Replacement Initiative.

The report was undertaken by CCRI at the University of Gloucestershire with support from the National Center for Rural Enterprise Innovation.

The report suggests that with the rural economy having up to £440million less to spend on materials and services, there will be a significant knock-on effect for all jobs and businesses in the South West.

The report found that the rural economy of Devon and the South West is particularly vulnerable to the financial impact, as many local farms are often family run, and agriculture being a major driver of the region’s economy, The anticipated impact on sector supply chains, producers, suppliers, business owners and workers is widespread.

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The Middle Devon Announcer – £883m shortfall in rural economy

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