The 2017 rate represents a 4.98% increase, and a further improvement on the 16.54% change claimants saw this time last year. The 2017 figure is the most favourable since 2009, when it topped 90p per euro, and the BPS fund could increase by £82m.
Some £25m of this uplift is as a result of using the average exchange rates for September as opposed to the spot rate set for the last day in September (29th).
But the headlines are only half the story – members should read our expert briefing for guidance on the factors which will influence eventual payments.