ALMOST 70 farmers and rural business advisers from the region attended a one-day conference on how to cope with the economic downturn.

Organised by the Northern Society of Chartered Accountants and supported by rural practitioner George F White, the event was held at the Close House Hotel, Heddon-on-the-Wall.

Experts covered a range of topics from the impact of climate change on land values to inheritance tax and trusts and accounting issues.

Keith Proudfoot, regional director of the Institute of Chartered Accountants in England and Wales, said: “Delegates were also reminded of the tax breaks announced in the recent budget for farmers contemplating significant capital expenditure on new plant and equipment.”

Hugh Fell, partner in George F White, was optimistic about the future and believed investing in farmland to be a relatively safe bet.

The current yield from farmland is two to three per cent with good capital growth and amenity value.

Whatever its use, the land would always be there and with no inheritance tax liability on agricultural land, a £1m investment in farmland represented a £400,000 saving for future beneficiaries.

George F White is working on a water valuation structure with the Royal Institute of Chartered Surveyors as climate change will make water an important commodity.

Richard Garland, from the company, said that average temperatures are expected to rise 25pc over the next 40 years pushing them close to that required to grow maize.

He recommended that investors in farmland should take a 20 to 50 year view on the implications of climate change.

By 2080, he predicted the region could have 40pc less summer rain and 30pc more winter rainfall.