Ah apologies it was a term not a year!, still £16,000 a ton though!My grandfather always used to say he could pay for my dad and his two brothers to go to boarding school for a year with one ton of wheat. Now the same boarding school is about £16,000 a year for each pupil so you would be looking at a wheat price of £48,000 a ton in today's money. Either the wheat price has fallen or private education has got a lot more expensive, or both!
or Richard Body before Mr Blair?And the reason it's not being branded as another big farming depression now?
Simple.
Because back in the 1920's, 80% of people were involved in farming and were directly impacted. Nowadays, it's less than 0.5%, and nobody cares because food can be shipped in from anywhere.
Or, we could just blame Tony Blair because he was a tw@.
A tractor today is far removed from what they once were,a ton of wheat is just the same now as it was back thenFarm machinery, fertiliser and fuel skews the inflation figures for us. They have gone up well ahead of inflation!
Way back when cost of production higher as more people required.
Food is now cheap to produce - what's really scary (for UK farmer) is that growers in Russia, Ukraine, Brazil, Argentina still making good money due to FX movements. European and US farmer not doing so well.
Don't suppose anyone has a graph showing land values since the sixties?
Land values in Eu are very high (historically), although values in many countries around the world have increased greatly, like property values.
A tractor today is far removed from what they once were,a ton of wheat is just the same now as it was back then