§ Mr. Peytonasked the Minister of Agriculture, Fisheries and Food if he will list in the Official Report the percentage change for the periods 1970 to 1973 inclusive and 1974 to 1978 inclusive, in net product at constant prices, and farming net income at current prices excluding stock appreciation for the agriculture industry, using forecast figures where necessary.
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§ Mr. John SilkinThe information requested is as follows:
Percentage change in net product at constant prices 1970–1973 1974–1978 (forecast) +12 per cent. +7 per cent.
Percentage change in farming net income at current prices excluding stock appreciation 1970–1973 1974–1978 (forecast) +81 per cent. +69 per cent. NOTE. Calculations based on data in table 19 of "Annual Review of Agriculture 1979" Cmnd. 7436.
§ Mr. Peytonasked the Minister of Agriculture, Fisheries and Food if he will list in the Official Report the total farming industry's borrowing for each year from 1970 to 1978 in the following categories (a) short-term, (b) medium-term and (c) long-term.
§ Mr. John SilkinI regret that information is not available in the form requested. The average levels, in the United Kingdom, of (1) bank advances outstanding to farmers and (2) loans outstanding to farmers from the Agricultural Mortgage Corporation, the Lands Improvement Company and the Scottish Agricultural Securities Corporation are as follows:
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(1) (2) Calendar years(a) Bank advances (overdrafts and loans) outstanding Loans outstanding £ million £ million 1970 529 169 1971 565 187 1972 647 196 1973(b) 778 228 1974 926 266 1975 986 292 1976 1,042 305 1977 1,297 332 1978 1,670(c) 365 Notes: (a) The annual figures given in column 1 are average bank advances over 6 quarters—November (previous year) given a weight of one, February, May, August and November each given a weight of two and February (following year) given a weight of one. In column 2 is shown an average of loans outstanding over 5 quarters—December (previous year) given a weight of one, March, June and September given a weight of two and December a weight of one. (b) Figures for this and later years include returns for six finance house banks included for the first time in November 1973. (c) Forecast. (d) Figures are not available for the other major sources of credit to farmers, namely Building Societies, Insurance Companies, leasing, loans from relatives, private loans from solicitors and trade credit, or for instalment credit.
§ Mr. Peytonasked the Minister of Agriculture, Fisheries and Food what was the percentage change in net income in real terms for the periods 1970 to 1973, inclusive, and 1974 to 1978, inclusive, for the agriculture industry, using forecast figures where necessary.
§ Mr. John SilkinThe information is as follows:
FARMING NET INCOME EXCLUDING STOCK APPRECIATION Actual (£ million) Real* 1970 473 95 1971 575 105 1972 590 101 1973 857 134 1974 745 100 1975 921 100 1976 1,136 106 1977 1,301 105 1978† 1,256 93 * Indices, 1975=100. † Forecast.