§ Mr. Peter Millsasked the Minister of Agriculture, Fisheries and Food what has been the increase in the total amount spent on food by British consumers for each year since 1967; and what percentage of this increase has been returned to the British agricultural producer.
§ Mr. BishopThe total amounts spent by British consumers on all food, whether of domestic or foreign origin, and the receipts of home producers are as follows:
imported from outside the Community, which now accrue to the United Kingdom Exchequer, would rise. In due course these gains for the United Kingdom Exchequer would be wholly or partly offset by a fall in imports and by extra costs for the Community in disposing of higher production.
A full devaluation of the green pound would raise most Community support prices for United Kingdom farmers by 33.8 per cent. I cannot give a firm estimate of the effect on farmers' incomes of a change of this large order. We have estimated that a 10 per cent. devaluation of the green pound, which would increase support prices by 11.1 per cent., might increase United Kingdom aggregate farm income, after a time lag of up to a year, by about £300 million. A 10 per cent. devaluation of the green pound, on the same assumptions, might increase average retail food prices by about 2½ per cent.