The euro exchange rate for calculating BPS 2017 payments has been set. The rate, an average of the European Central Bank exchange rates set in September, will be €1 = 0.89470.
BPS payments for England are set in euros and then converted into sterling. The previous year’s exchange rates for BPS were:
- BPS 2016: €1 = £0.85228
- BPS 2015: €1 = £0.73129
RPA will make full payments on BPS 2017 claims from the beginning of December.
Although the actual payment rates will not be published until mid-November, this is likely to mean BPS payments will rise for the second year in succession.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 current weakness of the pound has resulted in the 5% increase in this rate over last year and whilst there are negative aspects to a weak currency, such as increased cost of imported agricultural goods, this is surely a welcome benefit to the farming community.
There are still a number of issues with earlier BPS claims relating to mapping problems, entitlement allocations as well as payment errors.
For more information, please call us on 01434 607028 or contact us online.