Farmers claim that the manipulation of foreign exchange rates is threatening their livelihoods as it affects the subsidy they receive from the European Union.

Banks are "stealing money that's essential to keeping food on the shelves of supermarkets across the UK," they’ve warned.

Last year banks were issued with billions in fines for failing to stop traders repeatedly rigging the currency markets at the expense of their customers.

The victims of the currency manipulation include farmers, who lost millions during the scandal. Each year, a bank wins the mandate to convert about £2.6billion of worth subsidies into sterling.

According to Bloomberg, one British bank allegedly made a significant profit by selling euros with the goal of moving the exchange rate lower so when it fixed they could buy them back for less.

The move cost British farmers a potential £16million in a single year.

As well as farmers, those who have potentially lost out include large landowners including the Queen and the Prince of Wales.

Ed Gribble, a regional chairman of the National Farmers Union who owns a farm in Sussex, told Bloomberg: "It’s despicable what these traders have been doing.”

“Those subsidy payments make the difference between us making money, or not. They are stealing money that’s essential to keeping food on the shelves of supermarkets across the U.K.

“You’re not going to make a fortune in farming, but it’s the only way of life I’ve ever known. I tried to put my son off when he said he wanted to be a farmer, because life can be hard.”

“It’s hard enough to survive without all this. It has a direct impact on people’s livelihoods.”

Authorities in Britain, the US and Switzerland levied fines of £2.7billion on six banks, including the Royal Bank of Scotland and HSBC in 2013.

The FCA's report detailed chat system records showing how traders at several banks colluded to drive the price of foreign exchange rates up or down in order to profit at the expense of clients.