More taking single farm payment in euros

UK - An increasing number of Scottish farmers have opted to receive their second single farm payment cheque – the new subsidy which replaces all the previous EU support measures – in euros rather than sterling.
calendar icon 3 October 2006
clock icon 1 minute read

The time and effort taken to open a new trading account will prove to be worthwhile, according to the Clydesdale Bank.

Last Friday was the critical date in that it was the day on which calculations were made regarding the rate of exchange between sterling and the euro.

Earlier this year, just before the Royal Show, the Royal Bank of Scotland forecast that the euro would be worth 71p at the end of September and that farmers would gain by sticking with the pound. That prediction, as RBS has now admitted, was erroneous, with Friday's rate being just over 67p.

David Douglas, head of rural business with the Clydesdale Bank, said: "We have been opening euro accounts for customers throughout the past year, but there has been a significant increase over the last two weeks. It's not possible to put figures on how many euro accounts have been created across all the clearing banks, but the indications are that the figure is quite substantial."


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