What are the root causes of agricultural price volatility?
The House of Lords EU Committee on Energy and the Environment will this week open its inquiry into agricultural price volatility with evidence from leading experts. The committee has launched an inquiry into how the agriculture industry can respond to price volatility and help make farming more resilient.
Today's witnesses are:
- Tim Lloyd, Professor of Economics, Bournemouth University
- Wyn Morgan, Pro-Vice-Chancellor for Learning and Teaching, University of Sheffield
- Steve McCorriston, Professor of Agricultural Economics, University of Exeter.
Areas the committee hopes to cover include:
- What is the impact of price volatility in agriculture? How does it impact on individual farms?
- Does price volatility impact on land use and the environment? Is there any impact on animal welfare?
- What are the root causes of price volatility? Is it always a bad thing?
- How does government and EU public policy impact on price volatility? What impact does the Common Agricultural Policy have?
- Has greater exposure to global agricultural markets had an impact on price volatility in the UK and EU?
- How do farmers protect themselves from price volatility? What financial mechanisms are available to manage risk?
The Committee is chaired by Baroness Scott of Needham Market.