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Scottish farmers offered interest free loans as no-deal Brexit edges closer

News26 Jul 2019Ewan Pate

Scottish Government is once again to introduce an interest free loan scheme as a means of advancing the Basic Payment Scheme (BPS). 

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Scottish farmers offered interest free loans as no-deal Brexit edges closer

Under the new scheme, loans will be offered to eligible farmers for up to 95 per cent of their Basic Payment Scheme 2019 payments.

 

This is very similar to the offering in previous years except that it represents an increase of 5 per cent.

 

Loan payments are expected to be made to eligible farmers from early October. A similar scheme in 2018 delivered payments worth more £250m to over 13,500 farmers.

 

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Announcing the scheme today (Friday July 26), Rural Economy Secretary Fergus Ewing said: ”Farmers are the backbone of Scotland’s rural economy, and with the UK edging ever closer to leaving the EU without a deal, it is absolutely essential that we provide as much support and certainty as we can.

 

“That is why the Scottish Government will shortly be issuing loan offers, providing a degree of financial certainty during these tumultuous times. Recognising the potential catastrophic consequences of a no- deal on our agricultural sector, I am also confirming that loans will be offered at the increased rate of 95 per cent, delivering more money to farmers through this mechanism than ever before.

 

As in previous years the loan scheme will operate on an opt-in basis with loan offer letters will be issued in early September. Payments will begin in early October.

BrexitBusinessfarm lifePoliticsScotland
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