What has been the overall percentage change in the price of farmland since May 1997. The estimated average price of agricultural land sold in England fell by 5 per cent. A recent survey by the Royal Institution of Chartered Surveyors shows that, in the last quarter, land prices increased in England by 6 per cent. Will my hon. That huge fall in interest rates will mean that house and land values are bound to rise.
Friend makes an important point on the euro.
There is no doubt that joining the euro would bring many benefits to agriculture, through lower interest rates, a stable exchange rate, and especially in respect of agriculture prices and agrimonetary compensation. Those matters will have to be considered carefully. Ultimately, the British public will make the decision in a referendum. The Government are considering the matter on the basis of what is best for our country and our economy. In that respect, farmers are not well served by the Conservative party, which made it clear that it would never go into the euro within an arbitrary five-year period, even if was absolutely clear that it was in the interests of this country and of agriculture to do so.