NFU president Meurig Raymond met Lloyds Bank head of agriculture Andrew Naylor to discuss the role banks will play post-Brexit
Support from banks will be critical for UK farming’s post-Brexit future, according to NFU president Meurig Raymond.
Mr Raymond met Lloyds Bank head of agriculture Andrew Naylor to discuss the role banks will play in helping farmers manage volatility, new agricultural policies and managing issues such as antimicrobial resistance.
Mr Raymond said: “The banks have a role in helping farmers affected by depressed markets to plug short term shortfalls in cashflow, but also in reducing risk, for example through hedging on commodity products or fixing exchange rates.”
Mr Raymond highlighted the importance of low cost, long term borrowing to improve the infrastructure across the industry.
“For example, better buildings help improve efficiency and animal health, which increase competitiveness and marketability,” he said.
In the property market, experts are confident it has recovered from its post-Brexit shock.
The Central Association of Agricultural Valuers (CAAV) said it was now ’business as usual’ and the UK market remained attractive.
As European treaties do not touch directly on property law the impact on markets will be down to supply and demand and bank lending.
Jeremy Moody, secretary and adviser to the CAAV, said: “Fundamentally, supply remains tight, and the weaker sterling has actually boosted interest from international buyers."
He added future impacts will be focused on specific sectors which will diffuse the effect across the economy.