NOT so good news for Herefordshire's farmers - less than half believe it is the right time to invest in high-value items such as machinery, precision technology and farm storage.

A BASF-commissioned survey found that arable farmers in England, Scotland and Wales are generally happy and confident about the coming three months, with 65 per cent feeling that the time is right to invest in major farm purchases.

The survey conducted over the telephone by an independent market research company found that 70 per cent of farmers with more than 100 hectares of arable land are relatively content about the current status of their farms and farming activity.

In the north of England, farmers were recorded as the happiest, with 82 per cent saying they are pleased with how their farms are faring.

Of the northern farmers, 77 per cent said they believed the time is right to invest in high-value items like machinery, precision technology and farm storage. This compared with only 40 per cent confidence for Welsh farmers, 66 per cent for farmers in southern England and 45 per cent in the Midlands.

Commenting on the findings, Joe Dixon, BASF’s stakeholder engagement manager, said the survey probed the levels of confidence in farm finances over the next three months.

He said 80 per cent of Welsh farmers said they were confident, compared with 55 per cent in northern England, 39 per cent in Scotland, 35 per cent per cent in the Midlands and just 29 per cent in southern England.

“The confidence in investment seems to be at odds with the coolness in the buoyancy of farm finances, but their comments highlight why,” said Mr Dixon.

"Farmers are worried about the Basic Payment System and are generally lacking in confidence at the ability of the Rural Payment Agency to process single farm payments in a timely manner.”