§ Mr. Jayasked the Minister of Agriculture, Fisheries and Food what revision he is taking, in view of the devaluation of sterling estimates given by him in column 1412 of HANSARD for 9th May, 1967, of rises in food prices and the cost of living likely to follow the adoption by the United Kingdom of the common agricultural policy of the European Economic Community.
§ Mr. Peart:It will not be possible to make reliable revised estimates until the implications of devaluation for world commodity prices and for the pattern of food consumption in the United Kingdom become more clear. It seems clear, however, that, assuming unchanged Community prices and no changes in world prices ocher than those resulting from devaluation, the increase in the cost of food resulting from the adoption by the United Kingdom of the common agricultural policy would be somewhat greater as a result of devaluation.