£39million boost for farmers

Posted by
Tuesday, October 4th, 2016
Agriculture, Environment and Rural Affairs Minister Michelle McIlveen has announced that the exchange rate to be used to calculate 2016 Direct Payments is €1 = £0.85228p. michelle mcilveenOn the basis of the new rate, it is estimated that the total net value of 2016 Direct Payment to local farmers will be boosted by £39million compared to 2015. Announcing the exchange rate, the Minister highlighted her intention to make advance payments this year. She said, “This exchange rate is an increase on last year’s rate and will be welcome news for local farm businesses as it will boost the amount of Direct Payment received in what has been a difficult year for our farmers. “The Direct Payment remains an important element of farm incomes and I have committed to delivering advance payments in mid-October. My Department remains on track to achieve this,” she added.
Article continues below:
September 2016Direct Payments are set in Euro and converted to sterling each year using the exchange rate calculated in accordance with the EU regulations. In 2016, the rate is the average market rate for the month of September according to the European Central Bank.
Both comments and pings are currently closed.

Comments are closed


This website does not share personal information with third parties nor do we store any information about your visit other than to analyze and optimize your content and reading experience through the use of cookies. You can turn off the use of cookies at anytime by changing your specific browser settings.

We are not responsible for republished content from this blog on other blogs or websites without our permission. This privacy policy is subject to change without notice and was last updated on 16/01/2017. If you have any questions feel free to contact Newry Times by emailing editor@newrytimes.com

Log in