Green Pound (Hansard, 23 March 1979)

§ 9. Mr Freud
asked the Minister of Agriculture, Fisheries and Food whether he is satisfied with the current level of the green pound.

§ Mr. Strang
As my right hon. Friend the Minister explained to the House last week, he gave his support in Brussels to the Commission's proposal for a 5 per. cent. devaluation of the green pound. That has now been agreed in principle.

§ 35. Mr. Hal Miller
asked the Minister of Agriculture, Fisheries and Food what is the current percentage devaluation of the green pound.

§ Mr. Strang
The current difference between the rate for the green pound and the market rate of sterling used for MCA purposes is 27.7 per cent., giving an applied MCA of 26.2 per cent. The green pound would have to be devalued by 21.7 per cent. to bring it into line with the market rate.

§ 37. Mr. Kenneth Lewis
asked the Minister of Agriculture, Fisheries and Food what would be the effect of a 5 per cent. devaluation of the green pound on the cost of living index.

§ Mr. Bishop
Devaluation of the green pound by 5 per cent raises the retail price index by about ¼ per cent. when the full effects have worked through.

§ 38. Mr. Crouch
asked the Minister of Agriculture, Fisheries and Food if he will take steps to protect British dairy farmers by making a substantial devaluation of the green pound.

§ Mr. Bishop
As my right hon. Friend told the House on 7 March, the Council of Ministers agreed in principle last week to the Commission's proposal for a 5 per cent. devaluation of the green pound. [Vol. 963, c. 1267–77.] His support for this move was determined by a number of considerations, including the position of British dairy farmers.