This does not compare favourably to the rate set for SPS 2014, which was €1 = £0.77730. Further information can be found in our briefing here (you will need to be logged in first).
For 2015, the exchange rate is an average of the European Central Bank exchange rates set in September. The 2014 rate was based on the exchange rate on the last working day of September.
What does this mean?
Why is this information important?
The exchange rate will be used to convert the English entitlement values, greening payment and young farmer payment elements of BPS into sterling, which form part of the calculation to arrive at 2015 BPS payments.
What are Defra's predictions of BPS entitlement rates?
Defra estimate the payment rates for 2015 should be in the region of €70.00 per hectare in moorland and €244.00 per hectare in the rest of SDA and non-SDA. We expect the RPA to publish the entitlement values, greening rates and young farmer payment rates in November.
BPS payment window
The BPS payment window runs from 1 December 2015 - 30 June 2016.
What can farmers do to minimise the risk of a delayed BPS payment?
Farmers need to ensure the RPA have their correct bank account details and are registered via Rural Payments online. Respond promptly to any queries the RPA may have.