Agricultural borrowing hit £11bn at the end of September, against £10.1m the year before, according to the Bank of England.

Although debt is likely to be lower in the fourth quarter, the total amount of debt for the year is predicted to remain above £10bn, against £9.94bn in 2007.

However, farmers would not have trouble extending their debt, Tom Hind, head of economics at the National Farmers’ Union, told the Financial Times.

“These are businesses that are high in debt at times. They have very close relationships with their bank manager,” he said.