§ 18. Mr. Spearingasked the Chancellor of the Exchequer if he will estimate the maximum and minimum reductions in the public sector borrowing requirements for 1980–81 and 1981–82, respectively, resultant on repayments from the United Kingdom contribution to the European Economic Community.
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§ Sir Geoffrey HoweThe agreed minimum reductions in the United Kingdom's net contributions in respect of 1980 and 1981 are £710 million and £860 million respectively—the maximum reductions will depend on the outturn of the Community budget in 1980 and 1981. The precise timing of payments has yet to be settled, but the Government expect to receive the bulk of these refunds in the financial years 1980–81 and 1981–82 respectively.