Farmers are reminded to check the Rural Payments Agency holds their correct bank details for single farm payment, particularly those who have a UK-based euro bank account.
Confirmation of the euro exchange rate at 86.66p means that a €50,000 single payment is worth £43,332 this year, compared with £42,997 a year ago.
The rate is the second highest since the current regime was introduced and although the pound and euro have traded in a fairly narrow range relative to each other over the past year, claimants could have secured a higher rate earlier this summer by fixing their exchange rate on the currency market.
“Farmers who elected to receive their SFP in euros, and fixed at the exchange rate peak of 90.5p on 1 July 2011, would have boosted the value of a €50,000 claim from £42,997 a year ago to £45,250 this year,” said Jonathan Armitage, head of farm management at Bidwells.
The NFU is calling for the single reference date for setting the SFP rate to be reconsidered to ensure non-euro member states are not adversely affected by movements in currency markets.
“The NFU continues to monitor and raise its concerns over the delivery of SPS payments which our members will turn their focus to as we approach 1 December. There continues to be many issues that need resolving and we hope the minister and RPA will address our concerns in the coming months to ensure prompt and timely payments for all eligible 2011 claimants.”