EU/UK: UK livestock farmers win compensation for exchange rate fluctuations
British livestock farmers are to be paid the equivalent of £153.8m to compensate them for fluctuations in the exchange rate between Sterling and the Euro this year, the European Commission announced yesterday [Wednesday]. About £95.6m of the money will come out of the EU budget and the remainder from the UK treasury. UK farmers have received lower returns from sales and from EU subsidies as a result of the strength of Sterling. About half the cash will go to milk producers, about a quarter to beef and veal producers and the remainder to sheep producers.
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