The Rural Payments Agency has revealed that over 1,800 UK farmers have applied for the EU’s Dairy Aid Scheme.
The voluntary scheme will pay producers the equivalent of 12.2p per litre to cut production over the next three months. The aim of the scheme is to reduce the milk supply across Europe and restore balance to the market which will in turn stabilise prices.
Over the course of the coming week, the EU Commission will verify figures from all member states and work out the funding to cover all the applicants for the scheme which will run from 1 October to 31st December.
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.