§ Mr. Deakinsasked the Chancellor of the Exchequer what transfers were made and what amounts were received by the United Kingdom in respect of the EEC in March 1973.
§ Mr. NottIn March 1973 nothing was credited to the European Communities sterling account with the Paymaster-General. Drawings in March were £8.875 million, of which £3875 million was advanced to the United Kingdom Intervention Board for Agricultural Produce.
§ Mr. Deakinsasked the Chancellor of the Exchequer if the rules of the Council of Ministers permit meetings of EEC Finance Ministers to constitute meetings of the Council of Ministers.
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§ Mr. Deakinsasked the Chancellor of the Exchequer what estimates are made of EEC expenditure for more than one year ahead; and where these are published.
§ Mr. NottThe Commission makes estimates of EEC expenditure for three years ahead. These are not published, but are made available to the European Parliament, which gives its opinion on them. Copies of the three-year forward look for 1973 to 1975 have been placed in the Library.
§ Mr. Deakinsasked the Chancellor of the Exchequer in what respects, and by what methods, the Council of Ministers and the Commission take into account the views of the Assembly in relation to the EEC Budget.
§ Mr. NottThe procedures for the Assembly to examine the Budget and to transmit its views to the Council of Ministers are laid down in Articles 203–205 of the EEC Treaty as amended by the Luxembourg Treaty of April 1970. Under these procedures the draft Budget as established by the Council is forwarded to the Assembly by 5th October preceding the year to which it relates. When the Budget is returned to the Council, the latter considers the modifications proposed by the Assembly, and Assembly spokesmen can argue the case for their modifications to representatives of the Council.
§ Mr. Shoreasked the Chancellor of the Exchequer what was the total investment of the EEC countries in the United Kingdom in the calendar years 1970, 1971 and 1972; and What was the total investment of the United Kingdom in the EEC in the same period.
§ Mr. NottInformation for 1972 is not yet available. New information which has become available since the right hon. Member asked a similar Question on 26th October 1972 suggests that, excluding oil, investment in the EEC by United Kingdom residents totalled some £100 million in 1970 and some £300 million in 1971, and investment in the United Kingdom by EEC residents was of the order of £50 million in 1970 and £100 million in 1971.18W Most of the investments in the EEC by United Kingdom residents was financed either from reinvested profits or from foreign currency by United Kingdom banks.