Meatex, along with the rest of the food and drink industry, has given a generally positive response to the budget in 2015. It has seen an increase in the period that farmers can average their income for tax purposes, and was a step in the right direction for funding for farmers, though more backing for supporting the exporting of food and drink would have been beneficial.
The chancellor announced that he would allow farmers to average their incomes over 5 years, instead of the current 2 years which puts British farmers inline with their Irish counterparts.
These changes were demanded by the Farmers Union and show a willingness to help the farmers in periods of volatile markets over the last few years.
The budget was seen to make efforts to help generate increased export to the flourishing Chinese market with UK Trade and Investments (UKTI) getting an increase in funding. Food and drink industry is likely to benefit from this as it has continually achieved year on year growth over the last ten years.