Euro Exchange Rate Seen by Defra as Set for U.K. Farmer Payments

The exchange rate for calculating subsidy payments for farmers in the U.K. was set at 79.8 pence ($1.29) per euro, the Department for Environment, Food and Rural Affairs said.

Last year, the exchange rate was 86.7 pence per euro, Defra’s Rural Payments Agency said today in a statement on its website, citing the European Central Bank. Farmer subsidies are administered by the European Union.

To contact the reporter on this story: Whitney McFerron in London at wmcferron1@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

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