§ Mr. Dempsey
asked the Minister of Agriculture, Fisheries and Food what would be the new price of individual basic foodstuffs showing the actual increase consequent upon a devaluation of the green pound acceptable to the Government.
§ Mr. Peter Walker
The effects on retail prices of the 5 per cent. devaluation of the green pound agreed on 22 June will 353W be substantially the same as those for the 5 per cent. devaluation agreed by the previous Government in March this year, which were given by my predecessor on 21 February 1979 in a written answer to the then hon. Member for Southampton, Test.—[Vol. 963, c. 177–8.] The special United Kingdom butter subsidy on which the Council also agreed last week is equivalent to 12p per lb at the retail stage. This will more than offset the effect on butter prices of the green pound devaluation.