Farmers and Banks – a Relationship on the Rocks?
A recent survey undertaken by YouGov reveals that farming businesses feel that they are not getting sufficient support from their banks.
Over 1,000 small and medium farming businesses took part in the survey, with over 30% stating they would like to see more commitment to the agricultural industry from banks. One of the biggest concerns was a lack of specialist knowledge to fully comprehend the support the sector requires. Many also called for greater transparency regarding fees and charges.
As Brexit negotiations continue, there is still considerable apprehension in the farming community about the future of aid and its effect on the industry. This, coupled with the feeling that banks do not fully understand the particular pressures they are currently facing, suggests that farmers are becoming increasingly frustrated in their relationships with the banking industry.
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.
