By FWi staff
BRITISH farmers should explore any chance to improve income through the introduction of the Euro, says managing director of Barclays Agricultural Banking, Grant Phillips.
“One such opportunity is the savings to be made through trading in Euros, without going through the costly process of changing currency into Sterling.
“Converting from the Pound to Euros still involves a currency risk. So why not set up a Euro bank account?”
The trick is to unlock a source of Euro income to be paid direct into such an account, thereby doing away with the need to buy Euros with your hard-earned sterling.
Unfortunately, Defra has so far refused to allow IACS money to be paid in Euros, reportedly because its computers cant cope.
But it may be possible to persuade your merchant or buyer to pay for some of your farm produce in Euros, especially if they are involved in exporting.
And as the new currency starts to creep into the UK economy, more and more businesses will be prepared to deal in Euros.
Taking advantage of this has nothing to do with disloyalty to Sterling, but everything to do with good “self-help” housekeeping.