'Reports like this are reminiscent of the attitude to climate change'

One of the main conclusions from the TBA's Economic Impact Study is that the cost of producing a foal or yearling is significantly greater than the revenue that animal generates when it is sold.

'Well, tell us something we don't know' might be the response of many breeders, although seeing the increasing losses year-on-year since 2014 illustrated starkly in the bar charts does have a sobering effect - especially when the median losses for yearlings are higher than the UK's average wage (£30,472).

The report states: "This exercise suggests that in 2021 the profitability for the median yearling sale was around -£33k, and for foals was around -£27k, meaning most horses are sold at a significant loss. Moreover, median losses have become larger over time, putting into question the sustainability of the breeding industry in Britain."