UFU comment on exchange rate

Monday, 1 October, 2018

The Ulster Farmers’ Union says this year’s exchange rate used to convert CAP payments to sterling remains in the farmers favour. UFU president, Ivor Ferguson, said, “The exchange rate remains strong and 20 per cent above pre-Brexit referendum levels in 2016 and 2015. It will provide a much needed cash boost on farms and a solid financial platform for the year ahead, where we are facing many uncertainties in relation to Brexit.”

The figure to convert euro payments from Brussels to sterling will be £0.89281 and is slightly down from 2017. The UFU also welcomed DAERA’s efforts to make advance payments in October for the third consecutive year at the increased EU permitted level of 70 per cent of a claim value.

“It has been a mixed bag this year for farmers. We had a wet start to the year but in many areas the dry spell we had this summer helped give a boost to many farm businesses. While in other areas, the hot, dry weather posed many challenges. Regardless, the continued strong conversion rate and early payments will be a welcome cash flow boost on farms,” said the UFU president.