If it is possible to draw positives from the ongoing political uncertainty, then the impact on the Euro exchange rate for BPS payments is definitely one of them. Following the referendum result in 2016, payments increased by 16.5% because of a change in the exchange rate, followed by a further 5% increase in 2017. 2018 was largely the same as 2017 and this historically high payment rate looks like it will remain for 2019.

Earlier this year, the exchange rate would have led to a drop in payment levels but the last month or two has seen the rate return to roughly where it was last year. The rate will be confirmed at the end of September, ready for payments to begin in December.

If you would like any advice on the matter above, please do not hesitate to get in touch – 01684 325215 / 07814 033449 office@cpwdaniell.co.uk