Thursday, November 15, 2018

Basic payments set to arrive from start of December

November 1, 2018 by  
Filed under News & Business

Farmers look set to receive a similar direct payment as last year after Defra confirmed the exchange rate used to calculate the value of claims for the 2018 Basic Payment Scheme.

Common Agricultural Policy support payments for farmers across the UK are set in euros and then converted to sterling using the average European Central Bank (ECB) exchange rate recorded across the month of September.

Similar to 2017

It has now been confirmed that the average rate in September was £0.89281, with rates fluctuating between £0.90328 (5 Sept) and £0.88590 (20 Sept). This means  the conversion rate for 2018 is just 0.2% lower than in 2017 when the rate was €1 = £0.89470.

Entitlement values for 2018 will be confirmed during November –  based on the total number of hectares of eligible land claimed in each region. But Strutt & Parker consultant George Chichester said: “At this stage, farmers look set to receive payments in line with last year.”

Payments are due to be made from 1 December.

Looking further ahead, Defra has made its clear that the 2019 Basic Payment will be paid in much the same way as in 2018. In 2020, the payment will come from the UK government and will be subject to minor changes of simplification.

New system beckons

After 2020, however, payments will start to be phased out as Defra introduces a new system of support once the UK leaves the European Union. Mr Chichester said: “Payments will fall and ultimately disappear altogether, with this likely to be phased over six years to 2027.”

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