§ Mr. Dodsworthasked the Minister of Agriculture, Fisheries and Food what is his estimate of the increase in food prices as a result of basing calculations on the green pound as opposed to current sterling exchange rates.
§ Mr. PeartThe use of the green pound rate for converting Community prices fixed in units of account into sterling and the operation of monetary compensatory amounts partially shield United Kingdom food consumers from the effect of the fall in the value of the pound sterling. The effect of these arrangements is estimated at present to be equivalent to a saving of about 4 per cent. to 5 per cent. on retail food prices.