§ Mr. Biffenasked the Minister of Agriculture, Fisheries and Food if he will list the percentage difference between the green pound and the market exchange rate for sterling in respect of EEC currencies on a mid-monthly basis since the inception of the green pound formula.
§ Mr. BishopThe percentages used for calculating the monetary compensatory amounts (MCAs) applicable on the dates shown are listed below:
Representative Rate: 2.1644 UA=£1 15th February 1973 7.0 15th March 1973 5.8 15th April 1973 5.8 15th May 1973 4.7 15th June 1973 (a) 7.4 15th July 1973 12.3 15th August 1973 17.7 15th September 1973 14.1 15th October 1973 18.2 15th November 1973 16.7 15th December 1973 13.8 15th January 1974 9.8 15th February 1974 10.6 15th March 1974 12.7 15th April 1974 13.7 15th May 1974 15.4 15th June 1974 15.3 15th July 1974 15.3 15th August 1974 15.3 15th September 1974 15.3
Representative Rate: 2.0053 UA=£1 15th October 1974 6.1 15th November 1974 9.0 15th December 1974 11.4 15th January 1975 15.1 15th February 1975 16.5
Representative Rate: 1.96178 UA=£1 15th March 1975 (b) 12.7 15th April 1975 12.7 15th May 1975 13.8 15th June 1975 17.0 15th July 1975 20.6
Representative Rate: 1.86369 UA=£1 15th August 1975 8.6 15th September 1975 10.5
- (a) The method of calculation changed on 4th June 1973. Until then, the market rate of the £ was calculated in terms of the US dollar; since 4th June 1973, it has been calculated in terms of the European joint float currencies.
- (b) Since 3rd March 1975, the percentage difference between the representative
570 rate and the market rate of exchange as defined for MCA purposes has been reduced by 1.25 percentage points for the purposes of the calculation of MCAs. The figures in the table from March 1975 onwards are net of this deduction.
§ Mr. Biffenasked the Minister of Agriculture, Fisheries and Food if he will make a statement outlining the advantages which are deemed to accrue to British farmers, consumers, and taxpayers from the operation of a green pound for trade in agricultural produce within the EEC.
§ Mr. BishopTo the extent that the green pound is above the market rate for the pound sterling, the arrangements result in lower consumer and feedingstuffs prices than would otherwise be the case. They also mean lower agricultural support prices and lower Exchequer income.