§ Lord STANLEY of ALDERLEY asked Her Majesty's Government:
§ Whether the beef intervention buying-in price of £26 .76 is to be constant throughout the 1976–77 livestock year and if not with what notice and by whom any alteration will be made.
§ Lord STRABOLGIThe price of £26 .76 per cwt. is an average of the buying-in prices for seven categories of animals which were fixed for the United Kingdom at the beginning of the 1976–77 marketing year. Given the rate of the green pound the buying-in prices can be altered either by a change in the coefficients used to derive buying-in prices for individual categories of cattle from the intervention price; or by suspending the buying of one or more categories. Such changes may be brought into effect at short notice in order to avoid disturbing the market. Decisions on these matters have to be settled within the EEC framework. The Government have recently announced that buying of steers (M) is to be suspended in Great Britain from 3rd May for a temporary period. While this measure remains in effect the average of buying-in prices is reduced from £26 .76 to £26 .43 per cwt.
§ Lord STANLEY of ALDERLEY asked Her Majesty's Government:
§ Whether, should there be a revaluation of the green pound, the beef target and beef intervention buying-in price 522 would be raised by the full amount of any alteration with effect from the revaluation date.
§ Lord STRABOLGIThere are currently no proposals for a change in the green pound. If such a change were at any time to occur the Government would consider the possible implications for the present level of target and buying-in prices for beef. Account would need to be taken of the beef market situation, the balance within beef support arrangements between premiums and intervention and other important factors.