§ 10. Mr. LivseyTo ask the Minister of Agriculture, Fisheries and Food what progress has been made in securing a further devaluation of the green pound.
§ Mr. MacGregorFollowing persistent United Kingdom pressure in the price negotiations in July, the green pound will be devalued from 1 January 1989 to reduce monetary compensatory amounts by 3.2 points, except for beef, where devaluations will be considered during the current review of the regime.
§ Mr. LivseyI thank the Minister for that answer. I am pleased to hear that there will be a devaluation. Does the right hon. Gentleman agree that that is not suffcient, with farming incomes at their lowest in real terms since the last war? Will he press for a further devaluation in addition to the one that he has said is on the books?
§ Mr. MacGregorDevaluations of the green pound are normally considered in price negotiations. We achieved one of the best deals, with the exception of Greece, where 869 exceptional circumstances applied, in the last negotiations. I have made it clear that I want to see MCAs phased out by 1992. I have succeeded in getting the Community to agree to that. I shall be persisting in that approach.