2019 basic payments exchange rate set

Published 2 October 19

The euro exchange rate for calculating Basic Payments (BPS) for 2019 has been set. The rate, an average of the European Central Bank exchange rates set in September, will be €1 = £0.89092.

BPS payments for England are set in euros and then converted into sterling. The previous year’s exchange rates for BPS were:

BPS 2018: €1 = £0.89281

BPS 2017: €1 = £0.89470

Despite sterling losing value through much of 2019 against the euro, a rally in September means the 2019 rate represents a small decline on the 2017 and 2018 rates. This means farmers will receive slightly less in sterling terms compared to the previous two years.

The UK government has pledged to continue to commit the same cash total in funds for farm support post Brexit, although the details of how it will be calculated are still uncertain.

Exchange rates Sep19