Barclays extends its UK farming loan fund to £200 million

The bank said it will offer further support for British farmers during market volatility
The bank said it will offer further support for British farmers during market volatility

Barclays will be putting a further £100 million into its UK farming loan fund, the bank announced at the Great Yorkshire Show.

The bank said it will offer further support for British farmers during market volatility.

The Loan Fund is for farmers to invest in business efficiency, agri-tech and/or diversify into new revenue streams.

CEO Jes Staley said it will be doubling its cash support which was launched last year after the EU referendum.

"It's at times like these that UK agriculture needs a crucial boost from banks to weather any uncertainty," he said.

"We want to help farmers thrive over the short-term and also to plan for a strong future."

The loan periods are between 1 to 12 months and 12 to 24 months

'Tied to Brexit'

Speaking to the Yorkshire Post, Mr Staley said a lot of it is 'tied to Brexit.'

"So part of my programme is trying to help farmers all over the United Kingdom to decrease their costs so they can drive more to their bottom line as they gradually lose their subsidies," he said.

NFU deputy prison Miniette Batters welcomed the announcement.

"This comes at a time where despite the tentative signs of price recovery, the sector is still far from seeing levels which will sustain a long-term and profitable farming industry.

"On June 29th, the NFU met with the key players from the Bank of England and the banking industry and laid out the need for investment on farms.

"It was reassuring to see that the banks recognised the importance of investment and that farming can look forward to continued future financial support."