The Department of Agriculture, Environment and Rural Affairs
(DAERA) today announced the exchange rate to be used to calculate
2018 Direct Payments and the Young Farmers’ Payment.
Sterling payments for the Direct Payments (Basic Payment Scheme,
Greening Payment and Young Farmers’ Payment) will be made using
the exchange rate of €1 = £0.89281. On the basis of the new rate,
it is estimated that the total net value of 2018 Direct Payments
to local farmers will be reduced by £0.61million compared to
2017.
Direct Payments are set in Euro and converted to sterling each
year using the exchange rate calculated in accordance with the EU
regulations. In 2018, the rate is the average market rate for the
month of September according to the European Central Bank.
The 2018 Young Farmers’ Payment will be paid at the rate of
£46.32 per hectare. Young Farmers’ Payment is made on a per
hectare basis up to a limit to 90 hectares.
Notes to editors:
1. The exchange rate for 2018 was announced on 28 September 2018
and will be published in the Official Journal of the European
Union.
2. The exchange rate for 2017 was €1 = £0.89470
3. 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.
4. Payments will be made in the chosen currency by electronic
transfer into the farm business bank account.
