Barclays calls on government to support AgriTech

Barclays has called on the government to support the development of AgriTech to enable farmers to adopt innovative technologies.

Research from the bank found that AgriTech is worth around £13 billion to the UK, with around 60 per cent of famers planning to adopt new technology.

Despite the potential of AgriTech to improve productivity and profits, Barclays said that farmers are not being provided with the support they need,

Almost half of farmers surveyed for the report cited an unclear return on investment and extensive upfront costs as key financial barriers, while a quarter lacked knowledge on how best to use technologies.

According to the study, farmers feel there is more that the government could do to support them in the challenging political situation, with 71 per cent saying it should provide clarity around long-term policy.

Barclays said the government needs to address these challenges by developing a national strategy for AgriTech, providing financial support, and creating an ecosystem for better collaboration and the development of skills.

The report also highlighted the risk the UK could face in falling behind other geographies if it can’t get the supporting supply chain and ecosystem aligned.

One company executive told Barclays that Europe employs a joined-up approach from farmer to manufacturer which is not seen in the UK.

The research comes as the bank renews its Eagle Lab partnership with the University of Lincoln to support agricultural start-ups and entrepreneurs.

Launched in 2020, the partnership provides access to facilities including a dedicated robotics lab, as well as to experts across the industry.

Barclays says it has been working with the UK agricultural sector for over 280 years, adding that it lends “£1 in every £4” to the sector.

“From drones, AI to robotics, AgriTech is supercharging an industry that feeds us all,” said Abdul Qureshi, managing director, business banking at Barclays. “At a time when farming is being asked to do more with less, we recognise it will take a collective effort to create the right enabling environment, but if we get this right, AgriTech can help our farmers, and play a meaningful role in both protecting and driving forward one of Britain’s most vital sectors.
“As the government develops its 25-year agriculture roadmap and national food plan, there is no better time.”