News / Single farm payment slump
CROFTERS and farmers will have to accept an eight per cent decrease in their single farm payments (SFP) due to the weakness of the euro.
The Scottish government said on Friday that the exchange rate to be used for the 2012 payments, set on the last working day of September, was £0.7985 for one euro, significantly lower than last year’s rate of £0.86665 for one euro.
The development means that agricultural industry in Shetland will receive between £360,000 and £400,000 less in SFP this year.
The first payments are expected to be paid into bank accounts in early December.
Jonnie Hall of the National Farmers’ Union said: “Today’s exchange rate is a huge factor in determining the value of support delivered to all eligible farm businesses in Scotland.
“Everyone is aware of the problems experienced by the European economy and the Euro in the past year. That volatility has been a worry for many businesses, especially when the rate-setting process comes down to a single day.”
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