HC Deb 17 January 1974 vol 867 c145W
Mr. Deakins

asked the Minister of Agriculture, Fisheries and Food how the 8 per cent. import duty on boned beef and boneless cuts of beef imported from outside the EEC and the Commonwealth is reduced to nil by monetary arrangements.

Mrs. Fenner

Monetary compensatory amounts (mcas), which serve to offset currency fluctuations, are determined to reflect the current rate of exchange of sterling in terms of the Community currencies that are floating jointly. Their effect is to reduce charges on imports ; and, in the beef sector, mcas have exceeded import charges on many imports of beef from non-Commonwealth countries so that charges on these imports have been reduced to zero.

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