§ Mr. Joplingasked the Minister of Agriculture, Fisheries and Food by what percentage the green pound has gone out of line with the £ sterling over the past two years.
§ 1 Mr. BishopThe percentages used for calculating the monetary compensatory amounts (MCAs) applicable on the dates listed are shown in the following table. For previous figures I refer the hon. Member to the answer given to the hon. Member for Oswestry (Mr. Biffen) on 13th October 1975.—[Vol. 897, c.569–70.]
Representative rate: 1.86369 UA=£
15 October 1975 … … 11.7 Representative rate: 1-7;75560 UA=£
15 November 1975 … … 6.4 15 December 1975 … … 6.4 15 January 1976 … … 6.4 15 February 1976 … … 6.4 15 March 1976 … … 7.8 Notes—Until 14th March 1976 the percentage difference between the representative rate (green pound) and the market rate of exchange as defined for MCA purposes was reduced by 1.25 percentage points for the purposes of calculation of MCAs. From 15th March 1976 this deduction is 1.5 percentage points. The figures in the table are net of these deductions.
The current representative rate did not take effect for the beef sector until 5th January 1976 and will not take effect for common wheat until 1st July 1976. Whilst a previous rate continues to apply, different percentages operate for MCA purposes.