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Rate cut saves farmers 18m

10 June 1999
Rate cut saves farmers £18m

TODAYS cut in interest rates by a quarter of a percent to 5% will cut about £18 million off the agricultural industrys interest bill, says the National Farmers Union …more…


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Rate cut saves farmers 18m

10 June 1999
Rate cut saves farmers £18m

By FWi Staff

TODAYS cut in interest rates by a quarter of a percent to 5% will cut about 18 million off the agricultural industrys interest bill, says the National Farmers Union.

The latest cut announcement by the Bank of England is one of seven in nine months and takes interest levels to their lowest since November 1997.

The agricultural industry has blamed high interest rates for the strength of the Pound which it says has made UK farm exports uncompetitive.

NFU president, Ben Gill welcomed todays announcement saying that the interest rate cut will directly help farming and rural businesses in their struggle to survive.

But the more crucial issue will be the effect it will have on the value of Sterling, he added.

A significant downward movement in Sterling would make all the difference and will help stave off the threat of job losses.

But unless this happens soon Mr Gill said the NFU will have to press the Bank of England for further action.

Despite todays cut, UK interest rates remain double that of the Euro countries which have an interest rate of just 2.5% set by the European Central Bank.

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