§ Mr. Spearing
asked the Minister of Agriculture, Fisheries and Food what effect the recent increase in the value of the £ sterling will have on the retail price of food obtained (a) from the EEC and (b) from third nations; and if he will give examples of any significant savings.
§ Mr. Bishop
Following the Government's decision to allow sterling to float freely on foreign exchange markets, it has appreciated by about 2 per cent, relative to other major world currencies, but its value has been fluctuating from day to day. The price of goods subject to EEC monetary compensatory amounts should not be significantly affected. The price of goods not subject to MCAs should tend to fall but it is too early to determine any precise effects.