2013-10-02   facebooktwitterrss
Euro Exchange Set for 2013 Single Farm Payment Scheme

SPS Payments for England are set in Euros each year and then converted into Sterling, and yesterday the Rural Payments Agency (RPA) have fixed the Euro Exchange rate for this year’s Single Farm Payment.

Due for payment in December the SPS payment for 2013 was set at €1 = 0.83605. This compares to last year’s payment of 0.79805.

Andrew Jamieson

Andrew Jamieson

On hearing the announcement of the rates from the European Central Bank, Andrew Jamieson Agricultural Advisor for H&H Land and Property said:

“Whilst the rate is the fourth highest rate since the last reform process in 2005 and 4.76% higher than 2012 it looks like an EU financial discipline penalty will be in the region of 4% applied to all UK payments.”

The financial discipline penalty is EU wide and is the mechanism that the European Commission uses to regulate their budget. So Andrew is keen to point out to that:

“The deduction will be applied at the same time as modulation and appear on your December claim statements. So, when looking at cash flow and budgeting farmers would be wise to assume that payments will be at a similar level to that of last year.”

On announcing these details, the RPA also pointed out that every year some claimants fail to tell them of changes to their banking details, which causes delays in payments being made. So Andrew is keen to stress to farmers that:

“If you have changed banks or altered accounts it is important that you update the RPA with your details, because we know that failing to do so, does result in a late payment.”

HH Land

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