2018 BPS Euro Exchange Rate Announcement
The Euro exchange rate for calculating BPS 2018 payments (which is an average of the European Central Bank exchange rates set in September) was confirmed by the RPA on the 28th September as being €1=£0.89281, a 0.2% decrease on the 2017 exchange rate, which in itself was a 5% increase on the 2016 exchange rate, which was a 16.5% increase on the 2015 BPS exchange rate. The previous years’ BPS exchange rates were (2017) €1 = £0.89470, (2016) €1 = £0.85228 and (2015) €1 = £0.73129.
This 2018 exchange rate announcement equates to a predicted 2018 BPS payment (subject to the 2018 BPS & Greening payment values remaining the same as in 2017, and the Financial Discipline Mechanism (FDM) remaining the same as in 2017 [1.388419%]) of:
- £227 for Non-SDA
- £225 for SDA and
- £62 for SDA Moorland
In 2015 the combined payment rate for BPS & Greening was €248.02 for Non-SDA, €246.24 for SDA and €65.06 for Moorland (less the FDM of 1.393041% on payments above €2,000), and in 2016 the combined BPS & Greening payment rates increased slightly to €252.98 for Non-SDA, €251.16 for SDA and €66.36 for Moorland (less the FDM of 1.368% on payments above €2,000). In 2017 the combined BPS & Greening payment rates again increased slightly to €258.15 for Non-SDA, €255.82 for SDA and €70.95 for Moorland (less the FDM of 1.368% on payments above €2,000).
The 2018 payment rate and FDM rate are expected to be announced at the beginning of November 2018, with payments in England then expected to start being made by the RPA by bank transfer from the 1st December 2018.