'Financial planning must now begin' (From Gazette & Herald)

'Financial planning must now begin'

NOW the Rural Payments Agency has announced February 2006 as the earliest probable date for payments under the Single Payment Scheme, it is imperative that farmers and land managers start planning their finances for the coming year, according to the Country Land and Business Association (CLA).

DEFRA's regulations allow for the payments to commence any time within a window between December 1, 2005, and June 30, 2006.

Regional director Dorothy Fairburn continued: "It's disappointing that the payment date is not earlier within the window as it could lead to farmers having cash flow problems and needing to seek bank loans to tide them over.

"To further aid financial planning, we hope that the Rural Payments Agency will ensure that all payments are made within a short as period as possible to avoid some farmers having to hang on until June 2006. We would also hope that the payments for 2006 and thereafter are made within the December of the same year."

Updated: 13:07 Wednesday, January 26, 2005