HC Deb 25 April 1986 vol 96 cc259-60W
Mr. Deakins

asked the Chancellor of the Exchequer what estimate he has made of the effect of recent currency revaluations in the European Monetary System on the 1986 budget approved by the EEC Council.

Mr. Brooke

The impact on the EC budget of the EMS realignment on 6 April is a highly complicated calculation affected by numerous variables and uncertainties. Only the Commission is in a position to make a detailed assessment. The Commission services have suggested that agricultural expenditure, at current green rates may increase by up to 333 million ecu in 1986 as a result of the realignment. No estimate has been made by the Commission of the effect on other areas of expenditure or on own resources revenues.

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