HC Deb 05 February 1973 vol 850 c22W
Mr. Deakins

asked the Minister of Agriculture, Fisheries and Food what has been agreed about EEC restitution payments after 1st August in the event of a fall in world cereal prices.

Mr. Anthony Stodart

The agreed compensatory amounts on cereals will be reduced by one-sixth on 1st August when the first of the transitional steps will be taken. These reduced amounts will be abated if they exceed the Community levies at that time.

The compensatory—or abated—amounts are paid as refunds on exports from the Community to the United Kingdom. They are deducted from the Community restitution on exports to third countries to give the amount of the United Kingdom export restitution.