Barclays has issued a call to action, urging the government to bolster support for AgriTech, a sector valued at around £13 billion in the UK. The bank’s research reveals a significant appetite among farmers for innovative technologies, with approximately 60% planning to adopt new tools. However, despite the potential of AgriTech to boost productivity and profits, farmers face substantial hurdles.
Almost half of the farmers surveyed cited unclear return on investment and high upfront costs as major financial barriers. Additionally, a quarter of respondents lacked the knowledge to effectively utilize these technologies. These challenges are compounded by the current political climate, with 71% of farmers expressing a need for clearer long-term policy from the government.
To address these issues, Barclays recommends a multi-pronged approach. The government should develop a national strategy for AgriTech, provide financial support, and foster an ecosystem that encourages collaboration and skill development. Failure to do so could see the UK lagging behind other regions that have already embraced a more integrated approach, from farmer to manufacturer.
The call to action comes as Barclays renews its partnership with the University of Lincoln, focusing on supporting agricultural start-ups and entrepreneurs. Through this Eagle Lab partnership, launched in 2020, the bank provides access to state-of-the-art facilities, including a dedicated robotics lab, and connects entrepreneurs with industry experts.
Barclays’ long-standing commitment to the UK agricultural sector is evident, with the bank lending “£1 in every £4” to the industry. Abdul Qureshi, managing director of business banking at Barclays, emphasized the transformative potential of AgriTech, stating, “From drones, AI to robotics, AgriTech is supercharging an industry that feeds us all.” He acknowledged the need for a collective effort to create an enabling environment for AgriTech, highlighting the sector’s role in protecting and driving forward one of Britain’s most vital industries. As the government develops its 25-year agriculture roadmap and national food plan, Barclays sees a crucial opportunity to integrate AgriTech into the sector’s future.
