§ 30. Mr. Grimondasked the Minister of Agriculture, Fisheries and Food if he is satisfied with the rate of implementation of the devaluation of the green pound.
§ Mr. StrangI have nothing to add to the statement my right hon. Friend, the Minister, made to the House on 1st February.—[Vol. 943, c. 470–84.]
§ Mrs. Dunwoodyasked the Minister of Agriculture, Fisheries and Food what actual benefit there would be to the balance of payments if there were to be a complete devaluation of the green pound.
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§ Mr. BishopThe balance of payments would benefit from the reduction in the United Kingdom's contribution to the Community budget, following lower expenditure by FEOGA on sterling MCAs, and from a reduction in the quantity of imports of food and feeding-stuffs because higher agricultural prices in the United Kingdom would stimulate production and depress consumption. But the precise effect would depend on a number of uncertain factors, including the response by producers and consumers to the very large price increases which would arise from a complete devaluation, and cannot therefore be reliably assessed.