The UK government has unveiled a radical new farming policy, designed to benefit England's wildlife and climate.

It is the biggest overhaul of the country's farming industry, according to government ministers.

Under the current EU system, farmers receive subsidies based on how much land they own, so the more land a farmer owns, the more cash they receive. This tends to benefit wealthier farmers as they receive bigger grants. 

Some of the prominent beneficiaries of the current scheme include Queen Elizabeth, the Duke of Westminster, entrepreneur and inventor James Dyson and racehorse owner Prince Khalid bin Abdullah al Saud.

The current policy, which is governed by the European Union's regulations, is widely regarded as damaging for nature. The change will be introduced as the UK leaves the EU with the Brexit withdrawal period due to end on December 31.

The radical new measures will halve the current annual land ownership-based subsidies, worth 1.6 billion pounds ($1.9bn), by 2024 and phase them out by 2028. The money saved will be allocated to the new Environmental Land Management (ELM) policy.

The new system will use the funds to pay farmers for preventing floods, cutting pesticides and reducing antibiotics, capturing carbon in soils, planting woods, improving animal health welfare and restoring wild habitats.

The plan aims to facilitate sustainable ways to produce healthy and profitable food but without subsidies.

Starting from 2021, farmers who have been receiving annual payments of more than $180,000 a year will have this cut by at least 25 percent. Meanwhile, those receiving $36,000 or less will receive a 5 percent cut next year.

"[This is] the biggest change in agricultural policy in half a century," said George Eustice, the UK's environment secretary.

Eustice also acknowledged the environmental cost of industrial farming in the past 50 years.

"I know many farmers feel this loss keenly and are taking measures to reverse this decline," added Eustice. "But we cannot deny that the intensification of agriculture since the 1960s has taken its toll. Our plans for future farming must [also] tackle climate change, one of the most urgent challenges facing the world."

The farming industry and environment groups have reacted positively to the government's new plans but they stressed more detail was urgently required.

Some are concerned that with Brexit approaching at the end of December, there are still ambiguities over food tariffs and trade deals.

Kate Norgrove, of the World Wide Fund for Nature, welcomed the shift in policy and said: "Our farmers have the potential to be front-line heroes in the climate and nature emergency, and this roadmap starts us on the right path."

The new payment system will initially be trialed with 5,000 farmers before a full launch in 2024, however, a payment scheme for natural flood defences and restoring peatlands and saltmarshes has not yet been developed. The possible cut in carbon emissions has also not been quantified.

"Farming is changing and we look forward to working with ministers and officials to co-create the new schemes," said Minette Batters, president of the National Farmers' Union.

"Expecting farmers to run viable, high-cost farm businesses, continue to produce food and increase their environmental delivery, while phasing out existing support and without a complete replacement scheme for almost three years is high risk and a very big ask," added Batters.

The cuts will reduce the income of livestock farmers, for example, by between 60 percent and 80 percent by 2024, estimated Batters.

Craig Bennett, CEO of the Wildlife Trusts, is skeptical about the overhaul of farming in England and worries "the pilot [environment] schemes simply cannot deliver the promise that nature will be in a better state" as there is still lack of detail and clarity on how farm funding will benefit the public.

The new system will also fund improvements in management of animal manure, as slurry is a major polluter of both water and air.

The scheme will offer farmers the option to leave the sector and cash out all the subsidies payments they are due up to 2028 in 2022, a measure that will help new farmers enter the sector.

The government is also keen to reduce bureaucratic hurdles for farmers, introducing automatic fines instead of issuing warning letters for minor issues and more targeted inspections.

The government has acknowledged that this radical change is currently a work in progress and details will emerge further down the road. 

The new measures will only apply to England as Wales, Scotland and Northern Ireland will continue to devise their own plans, which may or may not be in line with England's policy.