04 July 1997
Farmers in fear of revaluation threat
British farms fear the green pound may be adjusted upwards again next month.
The fears have been fuelled by the rise in sterling following the Budget on
Wednesday. Upward adjustment would dampen farm incomes. Revaluation could take place on August 20.
The National Farmers Union (NFU) said compensation for earlier revaluations had become even more urgent. It calculates farmers are owed £720m compensation going back three years. Any subsequent revaluations would increase the claim.
NFU president Sir David Nash led a delegation of farmers who met agriculture minister Jack Cunningham to press the case. The ministry said while it was looking at the case for compensation it had to consider the effect on public expenditure. The UK would apply to the European Union for compensation but it would still have to bear a large proportion of the cost.