§ Mr. LlwydTo ask the Minister of Agriculture, Fisheries and Food what estimate he has made of the impact on the sheep annual premium of a change in the pound sterling/ecu exchange rate to £ = 1.25 ecu.
§ Mr. CurryThe final rate of sheep annual premium in respect of 1992 is calculated according to the green exchange rate in force on 3 January 1993. It will not be affected by changes in the pound sterling/ecu exchange rate subsequent to that date.
The rate of premium for future years will depend on the level of market prices and green rates operating in each member state throughout the year. The pound sterling/ecu exchange rate is therefore only one factor affecting the level of premium payable in the United Kingdom, and its impact cannot be assessed independently of the others.