FOREX Update

August 29, 2018 2:31 pm

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The sterling values of ERDF and ESF notional allocations are being uprated to reflect recent and forward sterling/euro exchange rates. The sterling value of revised ERDF notional allocations has been confirmed to local ESI funds committees in each LEP area. This uprating does not impact LEP areas’ performance framework targets as these are based on the euro value of the programme.

The sterling value of LEP area notional allocations will be kept under review by the ERDF and ESF Managing Authorities and adjusted as necessary to reflect future currency fluctuations and departmental responsibilities for managing programme budgets.

DWP will write separately setting out the approach to uprating notional ESF allocations in the coming days.