34.5m package for cereal growers

2 November 2000

34.5m package for cereal growers

By FWi staff

AGRICULTURE minister Nick Brown has announced a 34.5 million package for cereal farmers to offset currency fluctuations between Sterling and the Euro.

The package relates to the appreciation of Sterling in the twelve months to the 1 July, 2000, the minister announced on Thursday (2 November).

Mr Brown said 85% of the agrimonetary compensation will come from the British taxpayer. The remainder of the money will come from Brussels.

The National Farmers Union, which had been hoping for up to 91m in agrimonetary compensation, said the pay-out was a step in the right direction.

Growers are likely to receive the money next February after European Commission has rubber-stamped the deal – a move seen as a formality.