HC Deb 16 March 1973 vol 852 cc450-1W
Mr. Shore

asked the Chancellor of the Exchequer what was the value of the £ sterling in terms of units of account on the following dates: June 1970, July 1971, January 1972, October 1972 and March 1973.

Mr. Nott

There are a number of different EEC units of account. In general, the relationships between a member State's currency and these units of account are based on parity as declared to the International Monetary Fund; in the case of the United Kingdom this is the parity declared in November 1967, which gives a rate of £1=2.40 units of account, and the United Kingdom's payments to the Community budget are being calculated at this rate. In such cases there has been no change in the relationship between the £ sterling and the unit of account over the dates in the Question. In the case of the agricultural unit of account a conversion rate of £1 = 2.1644 units of account has been agreed, as my right hon. Friend the Minister of Agriculture, Fisheries and Food informed the House on 29th January.—[Vol. 849, c. 941–2; c.343.] For the customs tariff the conversion rate is calculated in accordance with Article 2(b) of the Import Duties (General) (No. 4) Order, 1972 (S.I. 1972, No. 1909).