Agriculture in the United Kingdom fund the purchase as a mortgage. The Council could not refuse without the Minister of Agriculture's permission. In 1919 the Board of Agriculture and the Ministry of Food were merged to form the Ministry of Agriculture and Fisheries, which later became the Ministry of Agriculture, Fisheries and Food (MAFF). MAFF was in turn the predecessor of DEFRA. Before the Second World War started, Britain imported 55 million tons of food a year. By the end of 1939, this had dropped to 12 million, and food rationing was introduced at the start of 1940. It did not completely end until July
Credit rationing importantly, food rationing is a result of direct government action, and credit rationing is a market outcome. Three main types of credit rationing can usually be distinguished: One of the main roles markets play is allocational; they allocate goods to the buyers with the highest valuation. Market equilibrium occurs when the demand of a good at the equilibrium price is equal to the supply of the good. If prices are deemed "too high" by the consumers, supply will exceed demand, and sellers will have to reduce their prices until the market clears (i.e. equilibrium is reached). On the other hand,