DAERA confirms Direct Payments Exchange Rate and Young Farmer's Payment Rate
Date published:
The Department of Agriculture, Environment and Rural Affairs (DAERA) confirmed that the exchange rate to be used to calculate 2017 Direct Payments and the Young Farmer’s Payment rate are now known.
Sterling payments for the 2017 Direct Payments (Basic Payment Scheme, Greening Payment and Young Farmers’ Payment) will be made using the exchange rate of €1 = £0.89470. On the basis of the new rate, it is estimated that the total net value of 2017 Direct Payments to local farmers will be boosted by £13million compared to 2016.
Direct Payments are set in Euro and converted to sterling each year using the exchange rate calculated in accordance with the EU regulations. In 2017, the rate is the average market rate for the month of September according to the European Central Bank.
The 2017 Young Farmer’s Payment will be paid at the rate of £49.90 per hectare. Young Farmer’s Payment is made on a per hectare basis up to a limit to 90 hectares.
Notes to editors:
- The exchange rate for 2017 was announced on 29 September 2017 and will be published in the Official Journal of the European Union.
- The exchange rate for 2016 was €1 = £0.85228
- Direct Payments in the UK are paid in sterling except where the farmer elects for payment in Euro by the deadline for submission of Single Applications.
- Payments will be made in the chosen currency by electronic transfer into the farm business bank account.
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