§ Mr. Fatchett
To ask the Chancellor of the Exchequer, pursuant to his answer of 16 June,Official Report, column 613, what estimates his Department has made of the effect of the depreciation of sterling against the ecu since September 1992 in terms of the level of sterling receipts; and if he will list those receipts, by European Community programme.
§ Sir John Cope
The level of sterling receipts which the United Kingdom will receive as a result of the depreciation of sterling against the ecu since September 1992 cannot be estimated with any precision. It depends on various uncertainties, including continuing exchange rate changes, the timing of receipts from the Community and the availability of projects providing value for money.