30 May 1997

Green £ cut?

UK FARMERS are still in line for a price cutting green £ revaluation next week, though with sterling moving up and down daily, it looks like being a very close call.

The revaluation has been on the cards since mid-April, when the green £ gap rose above 5%. But this was subject to a 50 day monitoring period. Early this week, the gap dropped below that crucial trigger. But, as FW went to Press , it was back up to 5.04%.

If the revaluation is confirmed next Wednesday (Jun 5), that will result in a 2.5% cut in farm support, including 1997 area aid and set-aside cheques.n