The exchange rate that will be used for converting single payments from euros to sterling has been confirmed today (30 September).
The rate of €1 = £0.85995 is not as good for UK farmers as last year’s €1 = £0.91, but recent weakening of the pound means it is still more favourable than the rates used in 2005-2008.
Payments for SPS, area payment for nuts and protein crop premium are set in euros and converted to sterling each year using the last exchange rate set by the European Central Bank on 30 September.
With the rate now confirmed, the Rural Payments Agency has urged farmers in England to check they have provided the RPA with the correct bank account details for their 2010 SPS to be paid in, especially those who opted to be paid in euros who need a UK-based euro bank account.
“The majority of farmers have provided us with details of their bank accounts, but a small number have yet to do so. It really is crucial that these farmers provide their details or we can’t pay them,” said Glen Portman, SPS 2010 manager at the RPA.
Farmers can provide up-to-date bank details by completing a CReg10 form, available from the RPA’s website, www.rpa.gov.uk in the “customer registration” section. Alternatively, call the customer service centre on 0845 603 7777 or email email@example.com
• Click here to find out more about this year’s SPS payment and modulation rates.