§ 34. Mr. Wallasked the Minister of Agriculture, Fisheries and Food what will be the estimated effect of the 7 per cent. Bank Rate on the fishing industry in general and on the White Fish Authority loans in particular.
§ Mr. HoyThe fishing industry will already be paying higher interest rates on bank loans and overdrafts. It is too early to say yet what the effect will be on the rate charged on their longer term commercial loans or on further loan monies from the White Fish Authority. There will be no increase in the interest rates on monies already on loan from the White Fish Authority.
§ Mr. WallWould the hon. Gentleman agree that this will be a considerable increased burden on the industry and bear in mind that there is no annual price review for the fishing industry? Would he also bear this in mind when renegotiating grants and loans schemes next year?
§ Mr. HoyThe hon. Gentleman was party to his Government's legislation which meant a diminishing subsidy each year under the Act made by his own Government.
§ Sir C. OsborneWhile being grateful to the White Fish Authority for the generous treatment it has given to the small trawler owners in the past, may I ask the hon. Gentleman to give an undertaking that the stringency of money will not cause the Authority to make more stringent repayment of the loans that already exist?
§ Mr. HoySo far as these applications are concerned, the White Fish Authority will deal with them very sympathetically as it has done in the past.