Scottish farmers’ borrowing has grown by 5% over the last year, figures from the Office of National Statistics reveal. This brings the total amount of borrowing to £2.32bn. This is the eighth year of growth in borrowing, bringing the total loans to agriculture to the highest level since 1972.
The figures also revealed that hire-purchase, family loans and other sources of loans account for £1.1bn in the Scottish farming sector. About 50% of total liabilities are long-term loans, a percentage that has been slowly increasing over time. In 2003 about 40% of debt was long-term. Liabilities equate to about 8% of assets.
Data for the survey is collected directly from all banks and mortgage companies that are involved with lending to Scottish agriculture. The outstanding debt for each bank is aggregated to provide a total for Scottish agriculture.
ADVERTISEMENT
NFU Scotland chief executive Scott Walker said: “It is bad news that once again the level of bank borrowings of Scottish farms has risen.”
Register for free to read this story and our free stories.
This content is available to digital subscribers and loyalty code users only. Sign in to your account, use the code or subscribe to get unlimited access.
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
CODE ACCEPTED
You have full access to the site until next Wednesday at 9pm.
CODE NOT VALID
Please try again or contact support.
Scottish farmers’ borrowing has grown by 5% over the last year, figures from the Office of National Statistics reveal. This brings the total amount of borrowing to £2.32bn. This is the eighth year of growth in borrowing, bringing the total loans to agriculture to the highest level since 1972.
The figures also revealed that hire-purchase, family loans and other sources of loans account for £1.1bn in the Scottish farming sector. About 50% of total liabilities are long-term loans, a percentage that has been slowly increasing over time. In 2003 about 40% of debt was long-term. Liabilities equate to about 8% of assets.
Data for the survey is collected directly from all banks and mortgage companies that are involved with lending to Scottish agriculture. The outstanding debt for each bank is aggregated to provide a total for Scottish agriculture.
NFU Scotland chief executive Scott Walker said: “It is bad news that once again the level of bank borrowings of Scottish farms has risen.”
If you would like to speak to a member of our team, please call us on 01-4199525.
Link sent to your email address
We have sent an email to your address. Please click on the link in this email to reset your password. If you can't find it in your inbox, please check your spam folder. If you can't find the email, please call us on 01-4199525.
ENTER YOUR LOYALTY CODE:
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
SHARING OPTIONS