§ Mr. Shoreasked the Chancellor of the Exchequer at what rate of exchange against the EEC unit of account the United Kingdom will make its contribution to the EEC budget in 1974; and under what regulation of the EEC this matter is determined.
§ Mr. Patrick JenkinThe United Kingdom will make its contribution to the 1974 budget of the Communities at a rate of £1=2.4 units of account. This is based on the gold parity of sterling as declared to the International Monetary Fund, and is in accordance with the provisions of the Financial Regulation of 25th April 1973 (published in the Official Journal of the European Communities, Vol. 16, No. LI 16 of 1st May 1973).