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High street lender NatWest says it will offer emergency loans, interest rate cuts, and temporary pauses on loan repayments for struggling farmers hit by drought. The banking group said it was increasing funding and support for customers in the agricultural sector, as prolonged dry weather leaves farmers struggling with water shortages, lower yields, and unseasonably early harvests. Farmers working with livestock, meanwhile, have been hit by reduced grass growth and increased feed costs, while warmer conditions are increasing the risk of outbreaks of disease. NatWest say they are now offering extra support ranging from a temporary pause on loan payments, to interest rate reductions, emergency loans, and overdrafts. They said they would also fund farmers looking to prepare for future heatwaves, including by building new infrastructure like extra water storage and reservoirs that can be used during periods of drought. NatWest said it was not yet seeing a surge in demand for extra funding but expected pressures on some farming businesses “to build over the coming weeks and months.” Ian Burrow, head of agriculture at NatWest Group, said:

With harvests progressing earlier than usual in some areas and livestock farmers already relying on winter feed stocks due to poor grass growth, cashflow and feed availability could become increasingly challenging.