Farmers welcome interest-rate cut
5 April 2001
Farmers welcome interest-rate cut
By FWi staff
FARMERS leader Ben Gill has welcomed the 0.25% cut in interest rates, which takes the Bank of England base rate to 5.5%.
Mr Gill, president of the National Farmers Union, said the cut should ease some pressure on farmers hit by the strong Pound and borrowing costs.
Agricultural debt for the last quarter stood at 7.8 billion, and farmers across Britain have suffered terribly from the highest interest rates in Europe, he said.
“This, combined with the resulting strong Pound, has damaged our export market and encouraged a flood of food imports,” said Mr Gill.
“Its time for the Chancellor and Bank of England to recognise once and for all the damaging effect that high interest rates have on industries like agriculture.”
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