No change in UK interest rates
BANK of England officials have decided that UK interest rates will remain unchanged at 5.25%.
This will be some relief to hard-pressed farmers who had more misery heaped on them last month when the rate unexpectedly rose 0.25%.
Last months rise brought more pressure on land and machinery loan repayments.
It also further strengthened an already strong pound, drawing in cheap imports and making it increasingly difficult for UK farmers to compete.
But the Banks nine-member Monetary Policy Committee decided there would be no repetition of the rise this month.
- Unions meet Eddie George over strong Pound, FWi, 28 May, 1999
- NFU pleads for lower interest rates, FWi, 20 May 1999