Regulation 3 Emergency payments to milk producers

United Kingdom

(1)

The Secretary of State must make a payment (“the emergency payment”) to every milk producer using the following formula—

$E P = \frac{(A A - C R)}{U K T P} \times L P$

where—

“EP” is the emergency payment;
“AA” is the available aid;
“CR” is the contingency reserve, which is an amount of the available aid reserved at the discretion of the Secretary of State, that may be paid out to correct any errors in the amount of emergency payments made;
“UKTP” is the total volume in litres of milk and milk equivalent produced and marketed in the United Kingdom during the 2014-2015 milk quota year;
“LP” is the total volume of milk and milk equivalent notified to any of the competent authorities as having been produced and marketed by that milk producer during the 2014-2015 milk quota year.

(2)

The Secretary of State may make the emergency payment in pounds sterling after applying the operative exchange rate or in euro.