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Farming And Fishing Industries (Interest Charges)

Volume 986: debated on Thursday 19 June 1980

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38.

asked the Minister of Agriculture, Fisheries and Food what is his assessment of the impact of increased interest rates on the farming and fishing industries since May 1979.

There are difficulties in making such an assessment, but I estimate the higher interest charges at about £90 million in a full year, excluding interest on borrowings for land purchase. I have no information about interest on the fishing industry's borrowings from non-commercial sources nor of its hire purchase transactions, which are also excluded.