The Earl of DUDLEYasked Her Majesty's Government:
Whether they can give an estimate of the net amounts to which the United Kingdom would be entitled from the European Regional Development Fund for the years 1975, 1976 and 1977 and whether they can show how these can be calculated.
§ Lord BESWICKMy Lords, as my right honourable friend the Prime Minister said in another place on 16th December our net entitlement from the European Regional Development Fund could turn out to be about £60 million over the three years 1975 to 1977. This sum is calculated by taking our expected gross entitlement of 364 million units of account (28 per cent. of 1300 mua) and deducting from it our expected contributions to the Fund through the Community budget, which are estimated to amount to about 218 mua. The remainder (146 mua) is then converted into sterling at the exchange rate of £1=2.4 units of account.
House adjourned for the Christmas Recess at eight minutes past two o'clock.