Single Farm Payment Conversion Rate 2011
|Fri, Sep 30, 2011|
UK farmers will generally receive slightly higher Single Payments this year than last. The ECB’s official exchange rate on the 30th September is used to convert Single Payments from Euros to Sterling.
The rate has been fixed at €1 = 86.665p. This is a 0.8% increase on last year, and the second highest rate on record (see table below).
However, the figure is not as high as looked likely; the Euro had been trading close to, or above, 87p for most of the last fortnight. Modulation rates in the UK are unchanged in 2011 compared to 2010, except in Wales where there is a 0.7% increase.
Actual payments can now be calculated in Scotland and Wales for 2011 – although, of course, payments will not start until the start of December. In England, however, the RPA still needs to calculate the regional average rates for 2011. In recent years these have been announced at the end of October or beginning of November.
Working on Andersons’ estimates of the likely English regional rates, the lowland flat rate regional amount is estimated at £203.2 per Ha compared to £167.97 per Ha last year after all deductions: but remember part of the increase is due to the phasing-in of the regional payment – 75% in 2010; 90% in 2011.
For a hectare of historically combinable crop land in England, the full payment after all deductions for 2011 is estimated at £227.8 per Ha compared with £228.5 per Ha last year – i.e. almost no change.