Scottish farmers are to miss out on a multimillion boost in farm subsidy payments.
The 4.76% rise currency markets handed them yesterday will all but disappear as the European Commission claws back funding to keep Cap budgets at current levels, so-called financial discipline at the proposed rate of a 4.001079% cut. That applies to all single farm payments in excess of £1,700 and to Scottish beef calf scheme cash.
The increase was revealed as the European Central Bank set the euro-sterling conversion rate for those farmers who opted to receive their farm subsidy payments in pounds when distribution starts in December. The rate at 83.605p for every euro compares to 79.805p used last year. Royal Bank of Scotland head of agricultural services Jimmy McLean estimated about 15% of Scottish subsidy recipients had decided to take their cash in euros. That is slightly up on 2012 and a reflection of greater certainty on currency markets than the year previously because of economic difficulties in Greece and Spain.
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