§ Mr. FatchettTo ask the Chancellor of the Exchequer what has been the effect of the depreciation of sterling against the ecu since September 1992 on the sterling value of European Community funding for regional and social policy initiatives; and if he will make a statement.
§ Sir John CopeThe main sources of funding for the Community's regional and social policies are the structural funds. Structural fund allocations are made in ecus; and the depreciation of sterling against the ecu since September 1992 is likely to result in a higher level of sterling receipts than otherwise would have been the case.