HC Deb 20 May 1975 vol 892 cc365-7W
Mr. Spearing

asked the Minister of Agriculture, Fisheries and Food if he will publish in the Official Report the minimum prices, customs duties, levies, additional

how much these stocks are expected to increase by the end of 1975.

Mr. Peart

Latest available intervention stock figures are given below together with those for 1st July 1974, or nearest available date. Those for the EEC are based on Commission estimates. As the stocks are made up of differing grades and qualities a value cannot be assigned to them. No forecast can be made of the level of intervention stocks at the end of 1975.

milk powder used as food, cheese, Cheddar-type cheese, bacon, ham, bread, margarine and sheepmeat.

Mr. Strang

Information is available to the extent shown in the following table from the Eurostat 1974 Yearbook of Agricultural Statistics.

levies and compensating payments in force in the EEC for all food now subject to EEC agreements and common agricultural policies, indicating, where there is a range of products, a representative figure for important items of trade.

Mr. Peart

This Question involves considerable detail and I am not able to give my hon. Friend a detailed reply today. I hope to be able to publish an answer shortly.

Mr. Spearing

asked the Minister of Agriculture, Fisheries and Food if he can make an estimate of what the current levies would be in pence per pound on the assumption that the value of the £ sterling falls to 10 per cent. below the level assumed in fixing the present "green" values of EEC currencies and the monetary compensation allowances are abolished.

Mr. Peart

The difference between the representative rate of sterling—the "green pound"—in the EEC and its current value in terms of the agricultural unit of account exceeds the 10 per cent. referred to by my hon. Friend. The normal effect of a depreciation of sterling is to increase the sterling cost of imports. The effect of applying a representative rate above the market rate together with monetary compensatory amounts is to offset this normal effect. It follows that if the gap between the two rates is narrowed or closed monetary compensatory amounts are reduced or eliminated, thus reducing any subsidy or offset to any levy; and the normal effect of the depreciation is to that extent restored. The precise effects would depend on the particular circumstances of each commodity.