Is forestry really more profitable than upland farming? A historic and present day farm level economic comparison of upland sheep farming and forestry in the UK

Historic investments to cease upland sheep grazing and afforest upland farms in the UK based on historic financial budgeting information available to farmers and landowners in 1956, 1976 would not have been an economically viable and profitable land use change compared to continuation of upland sheep grazing in the UK. Historic markets in 1956 and 1976 were not strong enough to render potential forestry investments profitable without a need for grant assistance. Investments to cease upland sheep grazing and afforest upland farms in the UK in 1996 would have been economically viable and profitable land use investment as timber markets alone were strong enough to render potential forestry investment profitable without a need for grant assistance. Without subsidy, investments to switch from upland sheep grazing and afforest upland farms in 2016 would not be an economically viable and profitable land use change. Current day timber markets alone are not strong enough to influence new woodland establishment.