Euro exchange rate set for 2016 BPS
Basic Payment Scheme (BPS) payments for England are set in Euros and then converted into sterling. The rate for 2016 has now been published (based on an average of the European Central Bank exchange rates in September) at €1 = £0.85228. The previous year’s exchange rate for BPS was €1 = £0.73129.
The Rural Payments Agency will making full payments on 2016 BPS claims from the opening of the payment window in December – all payments will be made directly into bank accounts by BACS transfer.