§ Mr. Marland
asked the Minister of Agriculture, Fisheries and Food whether he will make a statement on the implications for the expenditure of the intervention board for agricultural produce of the current low market prices for beef and cereals.
§ Mr. Peter Walker
The current market prices of beef and cereals are resulting in substantial increases in expenditure by the board on intervention purchases and the beef premium scheme. A winter Supplementary Estimate will be required. Pending the presentation of this Supplementary Estimate an advance from the Contingencies Fund of £25 million was made on 29 September and further advances of up to £40 million may be required. Additional Exchequer expenditure on intervention purchases will be recouped when the stocks are sold, with any losses being reimbursed from the European agricultural guarantee and guidance fund.