HC Deb 14 July 1947 vol 440 cc35-6
59. Mr. De la Bère

asked the Minister of Agriculture whether he will now have inquiries made in order to inform the House what is the general interest rate charged by the banks throughout the country to farmers who have need of an overdraft.

Mr. T. Williams

No, Sir. An inquiry is unnecessary since it is well known that the rate of interest charged to farmers by the banks varies between 4 and 5 per cent., most small overdrafts being charged at the higher figure.

Mr. De la Bère

Is the right hon. Gentleman aware that in almost every instance 5 per cent. is charged? Is he further aware that it is impossible to increase production when so many farmers are living on permanent bank overdrafts at 5 per cent? [HON. MEMBERS: "Oh."] Yes, it is true. Cannot he do something about it?

Mr. Williams

I do not accept the statement that most farmers are living on loans.

Mr. De la Bère

In view of the tact that the right hon. Gentleman is not seriously trying to assist farmers, I will raise the matter at the earliest moment—I am in deadly earnest—supported by really sound figures, which I can give the right hon. Gentleman.