Agricultural Accountants Welcome new Food Production Grant

Agricultural accountants has welcomed a new £15 million fund to aid research into improving the efficiency of food production in the United Kingdom.

Large companies looking to invest in research in the food industry will be offered the government grants, while smaller businesses will be available to have handouts totalling £500,000.

Defra, will be making the cash available, in cooperation with the Technology Strategy Board (TSB), the Biotechnology & Biological Sciences Research Council and the Scottish government.

The aim of the grant is to encourage the food industry to develop new products and ideas to improve manufacturing and food production, whilst having a minimal impact on the environment.

Two competitions will commence at the Farming, Food and Drink Innovation Summit, which will be attended by different people in the food industry including, farmers, manufacturers, suppliers, restaurant insurance providers, food businesses and many others.

Partner in Moore Thompson’s Farming Sector team, Andrew Heskin, said, “Investment in food production is crucial in meeting the needs of an ever growing world population.

“The Government is doing the right thing in helping out businesses to develop cutting-edge ideas that increase efficiency and reduce waste in farming, food and drink production and manufacturing.

“It is particularly pleasing that small businesses will be open to bid for a grant, as they are often the companies that are in most need of this investment.

“These grants should be welcomed by all in the food and farming sector and I urge them to explore the possibility of applying for a slice of this cash.”

Following the summit, there will be regional workshops across England where businesses can find out more about the competitions and their opening dates.

Jim Paice, Agricultural minister said, “The UK has a world-class reputation for innovation.

“I want to take this strength and use it to the economic advantage of the whole country.

“By getting businesses innovating and enhancing the UK’s reputation as a world class pioneer of new production and manufacturing techniques, the food and farming sector can be a real engine for growth.”

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