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DEFRA has confirmed that the euro exchange rate to be applied to 2014 SPS payments will be €1 = £0.77730, being the last exchange rate set by the European Central Bank in September 2014. Historically the exchange rates have been:-
2013 scheme €1 = £0.83605
2012 scheme €1 = £0.79805
2011 scheme €1 = £0.86665
2010 scheme €1 = £0.85995
2009 scheme €1 = £0.90930
2008 scheme €1 = £0.79030
2007 scheme €1 = £0.69680
2006 scheme €1 = £0.67770
2005 scheme €1 = £0.68195
DEFRA has also confirmed that from BPS 2015 Scheme year, the euro exchange rate used will be based on the average of the European Central Bank rates throughout September, rather than only being based on the final day of September as is the case now.
Source: CAAV www.caav.org.uk 1st October 2014.
For further information on the Basic Payment Scheme, please contact Lucinda Riddell tel: 01748 829210.