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BANKS MUST SUPPORT AGRICULTURAL SECTOR - WILLIAMS
October 22, 2008 9:43 AM
Roger Williams, MP for Brecon and Radnorshire and Liberal Democrat Food and Rural Affairs Spokesperson, has called for banks not to increase interest rates and charges on farm businesses during the current economic crisis.
Mr Williams said:
"It has been brought to my attention that a number of UK banks have been changing the terms and conditions of the facilities they offer to farm businesses, such as overdraft interest rates and bank charges.
"I have today written to the Chief Executives of the banks that have been recapitalised through the Bank Reconstruction Fund, asking them to make a commitment to not increase interest rates as a result of the current banking situation.
"It is crucial that the agricultural sector is still able to operate through the current financial crisis."
NOTES:
The Government have said that bail out package in support of support the banks is dependent on banks supporting small businesses.
In his statement to the House of Commons on Monday 13th October, Alistair Darling MP, Chancellor of the Exchequer, said: "Conditions have also been agreed, with them [HBOS, Lloyds TSB and RBS], on the level of lending to small businesses and homebuyers. We are making it clear that there will need to be a strong focus, at these re-capitalised banks, on making available lending for small business and homebuyers."
Roger Williams MP has written to: RBS, HBOS, Lloyds TSB and Barclays.
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