13 September 2018
On 12 September, a day after my recent blog on Brexit, the Government made announcements about the future of the Basic Payment Scheme (BPS). The previous pledge to potentially support the BPS until 2024 has taken a twist, with a more detailed road map now set out:
- 2019: BPS funded in the same way.
- 2020: No real changes except the scheme will be funded by the UK, rather than the EU.
- 2021– 2027: Some form of transition period will come into effect, where a direct payment will be made and reduced each year to zero by 2027. The various options for this are being considered.
The savings made by reducing the direct payments will be used to fund the trials of the new Environment Land Management Schemes (ELMS) due to start in 2019.
We can probably expect there to be changes along the way as matters are clarified but returning to the themes in my earlier blog, if you have not already, now is the time to start planning for the effects this will have on your business.
To discuss your diversification plans or the future of your rural business in general, contact me or one of our rural specialists.
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