HC Deb 14 April 1978 vol 947 c560W
Mr. Madden

asked the Minister for Agriculture, Fisheries and Food if he will list those agencies from which small farmers can secure loans to purchase additional land, or those willing to become small farmers can secure finance; if he will state the type of security such agencies require and the prevailing rates of interest, whether he is satisfied with these arrangements; and whether they permit the maximum exploitation of the land in the production of food.

Mr. Bishop

Existing and prospective small farmers wishing to purchase land can look to the Agricultural Mortgage Corporation Ltd. The basic security required by the corporation is a first mortgage and its current market rates are 12½ per cent. for fixed loans and 9½ per cent. for variable rate loans. The commercial clearing banks are also prepared to lend for land purchase. These and other private sources would appear to be meeting the demand for funds for the purchase of farm land in the interests of food production.