Archive: Defra announce exchange rate for SFP

Published 30 September 14

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Defra has announced the exchange rate they will use to calculate the Basic Payments Scheme (previously known as Single Farm Payment) for 2014/15. It will be set at £1/€1.287 and comes from the official European Central Bank exchange rate set today (30 September). Sterling has strengthened over the year meaning that many dairy farms are likely to collect a smaller cheque this year, assuming that farm size stays similar to last year and before modulation or any other deductions are made.