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A "Golden Friday" for Farmers?

 

 

A “Golden Friday” for farmers?

 

On 30th September, Government announced the exchange rate that will be used in calculating CAP support in 2017.

 

Owing to the fall in the value of sterling post the 23 June referendum decision, the new exchange rate adopted is €1 = £0.85228.

 

This is more than 16.5% up on last year, and will lead to a corresponding increase in payments. These are expected to rise from £178.85 per hectare for lowland England claims to a new total of £208.44/Ha (£84.35/acre).

 

This is allied to a firming in futures prices – feed wheat for September delivery in 2017 is upwards of £130/tonne.

 

Many farmers will remember the day that the UK exited the Exchange Rate Mechanism (so called Black Wednesday on 16 September 1992) as Golden Wednesday as it had similar effects on farm prices.

 

Clearly there are challenges ahead as CAP support is replaced by  a British Food and Farming policy over the next few years, but RH & RW Clutton will be there to assist with farm and estate advice.

 

For more information please contact Oliver Harwood on 01342 410122 or at oliverh@rhrwclutton.co.uk

 

 

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