§ Mr. Hooleyasked the Minister of Agriculture, Fisheries and Food what will be the additional charge on the balance of payments in the 12 months from 1st October 1975 as a result of the devaluation of the green pound he announced on 15th October.
§ Mr. BishopNo precise estimate is possible. The best guess that can be made is that United Kingdom net receipts from Community funds in the period mentioned may be lower by about £45 million as a result of the representative rate change. Increases in United Kingdom agricultural production would, by reducing our food import requirement, improve the balance of payments.