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BARRY O’BOYLE: Opportunities for farmers to grow wealth in the Fourth industrial revolution
OPPORTUNITIES FOR FARMERS TO GROW WEALTH IN THE FOURTH INDUSTRIAL REVOLUTION
THOMAS HENRY FOUNDATION
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BARRY O’BOYLE
oboyleni@gmail.com
Farmers throughout the UK have never faced a period of so much uncertainty for generations. Brexit, the future of subsidies, climate change and the many other challenges are all common concerns among the agriculture community. Agriculture and indeed the global economy are undergoing rapid change, economies globally have been badly hit by the cost of the COVID-19 pandemic. This has led to a sovereign debt crisis not seen since World War II. This Nuffield report examines how UK public funds will come under extreme pressure in the next few years as the UK government will struggle to fund agriculture subsidies at the same level as today, whilst also covering the already growing costs of running other public services. It is no understatement that many UK farmers, big and small, rely heavily on subsidies to survive and keep their businesses afloat. For the first time in generations, the UK government along with other key stakeholders within the agriculture industry will have the opportunity to reshape the agriculture subsidy system that will support UK farmers in the future. Brexit has been divisive in many ways even among the farming community, however now is the time to examine the resources which should be available to UK agriculture and how best to exploit these in a global context. During my Nuffield travels, the common theme gained from the people I met was that one of the greatest opportunities to emerge not only for agriculture but for the UK economy in general in the next few years is the positive impacts of the 4th industrial revolution, which is in its early stages in the world economy. The rise of “the internet of things” such as artificial intelligence, drones, robotics, etc are all fusing to create new products, new processes and the opportunity to improve or eliminate problem areas of agriculture that cost farmers either loss of income or production. It became clear that, globally, Agritech was lacking development input from farmers even though they are the end customers of new Agritech products. Further, farms are a valuable testing ground for new products which is currently underutilised in comparison to research and development within other industries. Farmers are central to developing new Agritech products and there remain many innovative ways which the government and all stakeholders could explore to incentivise farmers to collaborate more by sharing knowledge and expertise. A clear concluding message also in terms of the current UK government strategy on Agritech, is that the UK is a world leader in Picture is of author on family Co.Antrim Dairy farm research and development. However, there remain many opportunities to better commercialise and monetise the Agritech sector that could greatly benefit UK farmers. Any new farm policy post Brexit should incentivise farmers to seize the opportunities that will come from the 4th Industrial revolution.
The Thomas Henry Foundation
The Thomas Henry Foundation was created under the terms of the will dated 28th May 1847 of Thomas Henry, Downpatrick, Northern Ireland. The principal objective of the foundation is the advancement and promotion of Agricultural Science through the provision of Bursaries and Scholarships to suitable candidates from Northern Ireland. The Foundation also provides financial assistance which enables representatives from Northern Ireland to attend conferences of the Royal Agricultural Society of the British Commonwealth held in different parts of the world. The Foundation also awards an annual bursary to support a student at Greenmount Agricultural College in County Antrim.
If you live in Northern Ireland and are interested in applying for a Nuffield Farming Scholarship funded by the Thomas Henry Foundation application forms can be obtained from the address below.
Colonel M J Vacher OBE FCMI, Nuffield Farming Scholarship Trust, Southill Farmhouse, Staple Fitzpaine, Taunton, Somerset, TA3 5SH O: 01460 234012 | M: 07788 138372 | E: director@nuffieldscholar.org www.nuffieldscholar.org
