Stronger euro offers single payment opportunity

Farmers who chose to receive their single farm payments in euros should consider selling now, as the currency has strengthened significantly against the pound.


Craig Wilson of Clydesdale Bank said: “Customers who have surplus euros, or those who will be receiving euros from next year’s subsidy, may want to forward sell. 


“A 2p shift in euro selling values will translate into significant extra sterling for many producers with SFP euros to sell,” he said.


On Thursday, 20 Spetember, the euro had strengthened against the pound to just over 70p. Check the current exchange rate.


“The exchange rate is worth serious consideration, especially given that it’s substantially better than the exchange rate that has been officially set over the last two years,” said Mr Wilson.