2017 Basic Payment Scheme Exchange Rate Set3rd October 2017
The Rural Payments Agency has confirmed that the exchange rate for 2017 Basic Payments made in Sterling has been set at €1 = £0.89470, which represents an increase of almost 5% over last year. Although the actual payment rates will not be published until mid November, this is likely to mean BPS payments will rise for the second year in succession. The EU’s Common Agricultural Policy states that UK support payments are set in Euros and are then converted to Sterling using the European Central Bank (ECB) exchange rate.
David Morley, Head of Conservation and Environment at H&H Land and Property, says:
“The likely increase in BPS payments will prove most welcome for farmers. The rate announced today is based on the average ECB exchange rate over the whole of September. The current weakness of the pound has resulted in the 5% increase in this rate over last year. While there are downsides to a weak currency, such as increased cost of imported agricultural goods, this is one of the benefits to the farming community.”
The Rural Payments Agency will start to make 2017 Basic Payments in December.
H&H Land and Property report that they have a number of clients who are still experiencing issues with earlier claims. These relate to mapping problems, entitlement allocations as well as payment errors. If any claimants are experiencing these issues H&H Land and Property recommend that these claimants seek professional advice.