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Agricultural Loans (Young Farmers)

Volume 931: debated on Friday 6 May 1977

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asked the Secretary of State for Wales whether he has plans to ensure low-interest loans for young farmers in Wales.

Established young farmers can benefit from Ministry grants and from free guarantees provided by the Agricultural Credit Corporation for expenditure on approved farm and horticulture development scheme plans. New-comers wishing to purchase agricultural land have access to the facilities of the Agricultural Mortgage Corporation in the usual way. The recent substantial lowering of commercial interest rates will be of significant benefit to those seeking credit. Successive Governments and the agriculture industry generally have preferred a system of capital grants to subsidised credit.