Business

2012 Single farm payments worth 8% less than 2011

Friday 28 September 2012 15:52
Pound coin and euro notes

The 2012 single farm payment will be worth just under 8% less than last year. The rate for converting SFP from euro to sterling will be 0.79805, compared with 0.86665 for the 2011 payment.

Entitlement revaluation and the final move to the regional rate in England meant individual farms' support payments may not fall by exactly 8%, said Richard King, head of business research at Andersons. "However, neither of these factors is likely to be huge this year, so 8% is a good rule-of thumb if budgeting," Mr King added.

The conversion rate for the 2012 payment is the lowest since 2008.

Claimants are reminded to check that the Rural Payments Agency has up-to-date bank details. About 500 claimants a year fail to tell RPA of changes to banking details and this causes delays in payments being made.

Those who need to update bank details ask for a CReg10 form from the customer registration section of the RPA website or by emailing csc@rpa.gsi.gov.uk. Alternatively, contact the customer service centre on 0845 603 7777.

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