SFP exchange rate slightly better than last year

Editorial Department • Published 6 Oct 2011 13:00 0 Comments

Farmers can expect similar Single Farm Payment cheques to last year after the euro exchange rate with the sterling was set by the European Central Bank at 0.86665pence.

It is slightly higher than last year.

UFU President John Thompson said; "Our goal is to see stable and profitable farm incomes. The Single Farm Payment is a vital element of farm incomes and this current exchange rate stability means farmers Single Farm Payment will largely remain unaffected by the exchange rate issue; in fact the slight improvement in the exchange rate compared to last year is a boost to producers and we welcome this".

Despite the slight improvement in the exchange rate, the UFU re-iterated its view that the payment system should be changed so that farm incomes are not as exposed to exchange rate fluctuations.

John Thompson added; "We still hold the view that the current system of using a single date is flawed because it leaves farmers more exposed to the daily fluctuations in the money markets. Thankfully in recent years the exchange rate on September 30 has been satisfactory but it would clearly be preferable to at least see the average exchange rate for an entire month used to establish the figure".

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This article appeared in Impartial Reporter 06 Oct 11

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