HC Deb 11 August 1966 vol 733 cc388-9W
Mr. Kitson

asked the Minister of Agriculture, Fisheries and Food if he will take steps to halt the recent increase from 7¾ per cent. to 8½ per cent. in the interest rates of the Agricultural Mortgage Corporation; and if he will make a statement.

Mr. Peart

I would refer the hon. Member to the reply I gave on 5th August to the hon. Member for Norfolk, South-West (Mr. Hawkins).

Mr. Brian Harrison

asked the Minister of Agriculture, Fisheries and Food by what authority the Agricultural Mortgage Corporation is raising its interest rate to 8½ per cent. as was announced on 30th July.

Mr. Peart

The authority for the Agricultural Mortgage Corporation's interest rate rests with the Corporation's board of directors. The Government's views were however sought as to the propriety of raising the rate for new loans. I have already explained why the increase was regarded as necessary in my reply on 5th August to the hon. Member for Norfolk, South-West (Mr. Hawkins).