The National Farmers Union says this has had a huge impact on farming businesses with some sectors, such as dairy and pigs, seeing their incomes halved.

It believes the main reasons for the dramatic falls are lower commodity prices and market volatility including a strengthening pound in 2015.

NFU President Meurig Raymond said: “Our work in influencing decision-makers is more important than ever to support our members, many who’re struggling to make ends meet.

“The NFU is continuing to work with government to ensure they provide the right support for our members – from pushing for burdensome regulation to be removed that remains a major block to growing competitiveness for most farm businesses and policy decisions based on sound science. We also continue to work closely with the supply chain to ensure retailers are sourcing and promoting British food wherever possible.

“In recent weeks we have focused on urging dairy processors to be open and honest in a bid to build better, fairer supply chain relationships and to ensure contracts that are fit for purpose. We regularly meet with retailers with recent successes on those signing our Fruit and Veg Pledge that will provide security for suppliers, fair terms and price certainty. We meet with banking leaders to ask for their continued support for the industry in these challenging times.

“These latest farm business income figures underline the need to ensure that British agriculture is dealt with fairly when Government starts its negotiations for a post-Brexit Britain.

“The most immediate issues confronting the farming sector are trade and access to labour - these must be at the heart of any discussions for the country’s future farm policy so that our industry is able to achieve its true potential.”