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Farmer leaders to meet Bank chief

07 September 1998
Farmer leaders to meet Bank chief

THE crippling impact of the strong Pound will head the agenda when NFU president Ben Gill and director general Richard Macdonald meet Eddie George, governor of the Bank of England, tomorrow (Tuesday, 8 September) …more…

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Farmer leaders to meet Bank chief

07 September 1998
Farmer leaders to meet Bank chief

THE crippling impact of the strong Pound will head the agenda when NFU president Ben Gill and director general Richard Macdonald meet Eddie George, governor of the Bank of England, tomorrow (Tuesday, 8 September).

On the eve of the meeting, Mr Gill said: “The strength of Sterling is hitting every sector from pig farmers to cereals producers.

“The high Pound is making our exports uncompetitive on European markets while cheaper imports are flooding into the UK. Product prices are feeling the impact with finished beef and milk prices, for example, slumping by over 30% in the past three years.”

Mr Gill added that farm incomes, which slumped by almost 50% last year, were expected this year to fall to the lowest level in more than 25 years. Agricultural investment had been slashed, with the latest July tractor sales down 41% on the year, combine sales 25%-30% below last years levels and other machinery registering a 34% fall in sales.

“We will impress upon the Governor the absolute necessity for downward pressure on the pound if our industry is to find its way out of the crisis facing agriculture,” he said.

    Read more on:
  • News

Farmer leaders to meet Bank chief

07 September 1998
Farmer leaders to meet Bank chief

THE crippling impact of the strong Pound will head the agenda when NFU president Ben Gill and director general Richard Macdonald meet Eddie George, governor of the Bank of England, tomorrow (Tue).

On the eve of the meeting, Mr Gill said: “The strength of Sterling is hitting every sector from pig farmers to cereals producers.

“The high Pound is making our exports uncompetitive on European markets while cheaper imports are flooding into the UK. Product prices are feeling the impact with finished beef and milk prices, for example, slumping by over 30% in the past three years.”

Mr Gill added that farm incomes, which slumped by almost 50% last year, were expected this year to fall to the lowest level in more than 25 years. Agricultural investment had been slashed, with the latest July tractor sales down 41% on the year, combine sales 25%-30% below last years levels and other machinery registering a 34% fall in sales.

“We will impress upon the Governor the absolute necessity for downward pressure on the pound if our industry is to find its way out of the crisis facing agriculture,” he said.

    Read more on:
  • News
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