Scots farm debt hits record £2.32bn

New statistics from Scotland’s Chief Statistician show the total outstanding bank debt of Scottish farms increased 5% over the past year to £2.32 billion — the highest since records began in 1972.

“A survey of the main banks and other lending institutions showed outstanding loans to Scottish farms rose by £113 million in the year to May 31, 2017,” said the Scottish Government.

“Total outstanding loans to the agricultural sector amounted to £2.32 billion.

“Accounting for inflation, this was an increase of three per cent since May 2016.

“This was the eighth consecutive annual increase in Scottish farm bank debt.

“After remaining steady for a decade during the 2000s, debt levels have now risen to their highest since records began in 1972.”