Borrowing hits £10bn
Published Date:
15 August 2008
BORROWING by the agriculture sector has broken the £10bn level, the Bank of England said this week. In the quarter to June 2008, the figure grew £512m, or 5.02 per cent, bringing total lending to the farming industry up to £10.192bn.
Agriculture director for Lloyds TSB and the Agricultural Mortgage Corporation, Paul Spencer, said: "Despite significantly increased market prices for most agricultural products, debt has risen. This clearly reflects the massive increase in input costs." However, he added that some of the borrowing was for investment.
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Last Updated:
15 August 2008 2:36 PM
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Source:
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Location:
Yorkshire
