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.
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.
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