brynseiri
Member
- Location
- Conwy, North Wales
£3bn is chicken feed to the banks. Seriously. RBS just set aside that amount on its own to pay fines for miss-selling bonds in the US. Total lending to the agricultural sector in the UK is somewhere around £18bn in total, if they foreclosed on everyone, and failed to recoup a penny (when in reality they'd get most if not all of it back) that would be less than they've had to pay out over PPI compensation (about £37bn and counting), and that didn't break the banks did it?
I'm afraid farmers think farming is far more important to the UK economy than it really is. We could all down tools tomorrow and in economic terms no-one would hardly notice, we are that irrelevant.
That 3 billion is just the subsidy element of the agricultural economy, and that is per year. How long is the £18 billion of agricultural borrowing set out over on average? As well as the fact the billions they put aside for PPI had been paid to them in the first place over God knows how many years, and invested and earning for them. For every £1 invested, U.K. Farming puts £7.40 back into the economy.
Last edited: