§ Mr. Deakins
asked the Chancellor of the Exchequer what is the current value in £ sterling of the EEC unit of account; when this value was fixed; and under what circumstances it can be altered.
§ Mr. Tom Boardman
The unit of account used for the Community budget is equivalent to £0.4167—i.e. £1=2.4 units of account. This is based on the declared gold parity of the pound, under the terms of the financial regulation governing the budget. The present financial regulation entered into force on 1st May 1973, and a unanimous decision of the Council of Ministers would be required to change it.