HC Deb 17 January 1980 vol 976 cc1863-4
16. Mr. Goodlad

asked the Minister of Agriculture, Fisheries and Food what is the current differential between the value of the green pound and the market rate of the pound sterling.

Mr. Buchanan-Smith

For most products, the current difference between the rate for the green pound and the market rate of sterling used for MCA purposes is 5 per cent. giving an applied MCA percentage of 3.5 per cent.

Mr. Goodlad

I acknowledge that parity has been almost achieved, given the low margins being achieved in the industry, but will the Minister say how he believes the British farmer will get a return from the market in future?

Mr. Buchanan-Smith

If my hon. Friend looks at the effects in relation to beef following the devaluations, he will see that we have been able to announce today an increase in the revised target prices. They are 19 per cent. higher than those that existed at the end of March last year. That indicates the effect that has already been achieved by the MCAs and the benefits to producers in the country.