2019 BPS exchange rate to be slightly lower than 2018

The 2019 Basic Payment Scheme (BPS) exchange rate has been confirmed by the Rural Payments Agency (RPA).

The euro exchange rate for calculating BPS 2019 payments made in sterling will be €1 = £0.89092.

This is slightly down on 2018 (€1 = £0.89281) and 2017 (€1 = £0.89470).

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The exact value of each entitlement will not be confirmed until November, as it is based on the total number of hectares of eligible land claimed in each region.

Andrew Atkinson, senior associate director with Strutt & Parker, said: “Farmers should expect to receive payments with a similar value to last year, which for a lowland farmer in England was about £228/ha after the Financial Discipline Mechanism had been applied.

“It has been confirmed this will continue to be the case, even if the UK does leave the European Union on 31 October.”

Farmers will be due their BPS payment from Monday 2 December.

Interest-free government loans, worth up to 90% of the expected claim value, will be available in Wales for those who don’t receive their payment on the first day.

Meanwhile, farmers in Scotland will receive 95% of their entitlement this week through the National Basic Payment Support Scheme loan.