§ Mr. Paul MarsdenTo ask the Minister of Agriculture, Fisheries and Food if he will make a statement on the availability of EU funds to offset the impact of fluctuations in the green pound. [110712]
§ Ms Quin£264 million in agrimonetary compensation has been, or is being, paid to UK livestock and arable farmers as the 100 per cent. EU-funded first instalment of a compulsory three year package to compensate for the effects on direct payments of euro/sterling exchange rates 971W in 1999. A further £132 million of EU funds will be paid over the period 2000 to 2001 if exchange rates remain as they are.
Following further currency fluctuation, additional optional EU-funded compensation is available; details will be provided by the Commission at the end of next month. Any additional expenditure on agrimonetary compensation would have to be considered against other calls on public expenditure; because of the Fontainebleau rebate the UK taxpayer would pay about 71p for every £1 spent.