SPS Conversion Rate

The rate for converting the 2012 Single Payment will be €1 = £0.79805.  This was the ‘official ECB’ rate on the 30^th September which fixes the value for 2012 payments.  The rate is just under 8% less than last year’s figure of £0.86665.  It is the lowest conversion rate since the £0.7903 seen for the 2008 SPS.  A ‘low’ figure indicates a weak Euro and strong Pound.  Each Euro buys fewer Pounds and thus the SPS will be lower in Sterling terms.   

Modulation rates in the UK are unchanged in 2012 compared to 2011.  The actual payments can now be calculated in Scotland and Wales for 2012.  In England a further piece of information is required in the form of the annual revaluation of entitlements.  This is covered below.