Agriculture Minister in Northern Ireland, Michelle McIlveen, has confirmed that the exchange rate used to convert subsidy payments from euro to sterling will be €1 = £0.85228p.

With a rate of €1 = £0.73129 used last year, it means that an extra £39m will be coming to NI agriculture through direct subsidy payments in 2016.

In addition, for the first time, NI farmers are to receive a 70% payment advance, due to start after 16 October, with 95% of payments to be completed by December 2016. “I have committed to delivering advance payments in mid-October. My Department remains on track to achieve this,” confirmed Minister McIlveen.

Changing markets

While a stronger euro against sterling often hits Irish farmers given the reliance on exports to the UK, for NI farmers, the opposite is generally the case – in recent years, a stronger euro usually means higher total farm incomes.

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