§ Mr. Godber
It was agreed that each country should operate its own monetary compensatory amounts on intra-Community trade. Thus, instead of the United Kingdom monetary amounts being applied by most other member States on360W a net basis, the amounts will be paid as a subsidy on our imports or charged as a levy on our experts. In trade with third countries the system will operate very much as at present, except that, where the monetary compensatory amount is larger than the export refund, an export levy will be charged. The detailed arrangements are being worked out by the Commission in consultation with the member States; the date on which the new arrangements will come into force will be announced in due course.