That’s according to the Energy and Climate Intelligence Unit (ECIU), which says that as much as £390 million could be wiped off the usual turnover of arable farmers.

The ECIU adds that the exceptionally dry and hot spring and summer weather has had a more severe impact on British crops than had initially been feared, reducing total potential yield by around 2.5 million tonnes.

The body’s findings have prompted the Liberal Democrats to demand an “immediate £1 billion uplift to the UK farming budget”.

Numerous heatwaves across the UK have put unprecedented pressure on the farming system, which in turn has forced many farmers into an early harvest.

Slightly over half of the UK wheat crop had to be harvested by the end of July, while this figure stood at 95% for winter barley.

When combined with the oilseed rape crop, which has seen marginally better yields, the overall UK harvest is predicted to reach 19.5 million tonnes.

According to previous estimates released by the USDA and EU cereals body Coceral, farmers could see a potential loss of revenue of between £293 million and £390 million due to the drought conditions.

“British farmers are facing down the barrel of a third awful harvest in a row and UK farming is in danger of entering a climate doom loop,” warned Tom Lancaster, land, food and farming analyst at the ECIU.

“Without reducing emissions to net zero, to bring the climate back into balance, conditions will continue to deteriorate.”