Scottish Executive tipped to come to aid of salmon industry – Fishupdate.com
Scottish Executive tipped to come to aid of salmon industry Published: 12 January, 2004
The Scottish Executive is planning a rescue package for the salmon industry in the wake of a controversial US study.
The Executive is reported by the Sunday Times to be working out how it can act as guarantor to £100m of loans for the sector.
Fish farming was already struggling before this latest episode which threatens to affect consumer confidence in farmed fish.
Allan Wilson, a junior minister,is said by the newspaper to be planning a “charm offensive” designed to persuade banks that the industry is to be restructured so it can enjoy a more profitable future.
The rescue package could involve the executive standing as guarantor of up to £100m of loans intended to prevent further damaging fish farm closures.
Farmed salmon accounts for half of Scotland’s total food exports.
The Sunday Times quoted Mr Wilson as saying: “We are willing to invest in the industry because it would be investing for the good of the whole country.”