The exchange rate for converting Northern Ireland’s Single Farm Payment from euro to sterling was set on Tuesday of this week at €1 = £0.777.

With the pound strengthening on a weekly basis, income from SFP is down 7% from £265.6m (€341.8m) to £240.5m (€309.5m) when modulation deductions are applied.

The lower rate will reduce farm income as 87% of the 2013 SFP was the sole income source for NI farms.