HC Deb 08 December 1964 vol 703 c185W
Mr. Bruce-Gardyne

asked the Secretary of State for Scotland if he will give an estimate of the indirect and direct cumulative cost in a full year to the agricultural industry in Scotland of the 7 per cent. Bank Rate, the increase in petrol duty and the import surcharges.

Mr. Ross

The increase in Bank Rate is likely to add in a full year some £750,000 to interest on bank loans and hire purchase interest for farming purposes. The increased duty on petrol and light hydrocarbon oils is likely to cost £300,000 in a full year. It is too early yet to say how farming costs may rise because of higher credit charges by merchants or as a result of the import surcharges, and no assessment is possible as to how far the prices actually paid by farmers may be affected indirectly by the three factors mentioned in the Question.

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