§ 4. Mr. Spenceasked the Minister of Agriculture, Fisheries and Food if he has had representations to revalue the green pound; and from which organisations.
§ Mr. Peter WalkerA number of hon. Members have forwarded to me letters from constituents advocating a revaluation of the green pound, and the Food Manufacturers Federation and Bakery Allied Traders Association wrote jointly to the Ministry in December. I have also had representations from the farmers unions against any revaluation.
§ Mr. SpenceI thank my right hon. Friend for that reply. Will he make a forecast? How would a further loss of value in the pound sterling against the European currencies affect British food prices? In particular, how would it affect the pig industry in Yorkshire and elsewhere?
§ Mr. WalkerThere is no doubt that positive MCAs have been of considerable advantage to the pig industry. The negative MCA policy of the Labour Government was a colossal disadvantage to the pig industry. Due to the change in the sterling exchange rate, there are neither positive nor negative MCAs now. If there had been positive MCAs, the Government would have opposed the revaluation of the green pound.