Rural Economy - Local Profile
Report Segment: Local Profile
The Farming and food economy is worth some £86billion to the UK economy. A fifth of land based businesses in the UK are based in the South East according to Lantra (2010/11). Norfolk and Suffolk are both vital to the food supply chain – providing much of the country’s cereal output and also producing large amounts of processed food and drink.
The two counties rural economy provides employment for some 27,000 people, 52% and 48% in Norfolk and Suffolk respectively (see size of sector segment).
The number of businesses operating in this broad sector is around 1130, with the majority in the farming sector.
In East Anglia, as in many other parts of the country, economic pressures and opportunities have led to increasing merger and acquisition activity. This reflects the drive for economies of scale as well as the globalisation of the food economy.