Green Pound revaluation cuts subsidies for UK farmers

01 May 1998

Green Pound revaluation cuts subsidies for UK farmers

A FURTHER revaluation of the “Green Pound” was set yesterday, cutting the Sterling value of European Union agricultural payments by 2.6%. The move will lead to renewed calls from farmers for compensation, writes the Financial Times.

This is the sixth revaluation since 1996 amounting to a total revaluation of 18.7%.

The value of the Ecu changes from 69.57p to 67.74p from Sunday.

The Green Pound is the exchange rate at which European Union agricultural payments are translated from Ecu into Sterling.

• Green Pound is revalued — official, FWi, yesterday (30 April) — Click here
• 
  Financial Times 01/05/98 page 10