Exchange rate to bring 5% boost to Scottish farmers and crofters

The exchange rate being used to calculate 2017 direct farm payments has increased by around 5% on last year.

Scottish Government last night confirmed that the 2017 exchange rate will be one euro to £0.89470.

This is based on the average of the European Central Bank Rates set over September, and it affects around 16,400 farmers who have chosen to receive their 2017 Basic Payment Scheme (BPS) support in Sterling.

Rural Economy Secretary Fergus Ewing also yesterday confirmed that all eligible farmers and crofters would shortly receive a letter outlining how to apply for this year’s BPS and greening loan scheme.

“Those eligible will receive 90% of their entitlement in the first two weeks of November to a maximum of 150,000 euros,” said Mr Ewing.

“I hope that confirmation of the exchange rate will provide farmers and crofters with some degree of certainty that will enable them to plan for the year ahead and continue to drive forward the rural economy.”