Agricultural Transition Plan

The confusion on this stemmed from the fact that the EU budget runs on a cycle called n+3, where n is seven years, so effectively, the EU budget is across a decade. The budget that we have announced is across a Parliament and we have guaranteed the same in each year. A typical spending review cycle is five years. We cannot compare a 10-year EU budget with a five-year UK one that will be renewed at the end of that. The reality is that we have set a favourable exchange rate that is 22% higher than before the referendum result, and that benefits farm incomes. The reality is also that the European Union has had to slash spending on agriculture by 10%.