A Panorama programme on Monday evening on farm subsidies has not surprisingly caused controversy: Panorama
I felt that the programme focused too much on the issue of 'sofa farmers' which admittedly makes for good journalism. If one is going to have subsidies, this arrangement is actually a second best solution as it allows farmers to convert their entitlement into a capital sum - although a bond scheme would do that more efficiently.
The programme also did not really tackle the contradictory objectives of the CAP. If it is a social policy, then it should be designed as such. But if it is intended to promote the competitiveness of EU agriculture, then it is not so inefficient to subsidise larger farmers who are generally more efficient.