§ Mr. Marlowasked the Chancellor of the Exchequer how the figures for the United Kingdom's EEC budget contribution will be affected by each percentage point rise in the value of the £ sterling above the present level to a maximum 10 per cent. revalution.
§ Mr. Lawson[pursuant to his reply, 5 June 1980, c. 810]: A one-percentage point rise in the value of £ sterling against the unit of account will broadly produce a one-percentage point fall in our budget contribution when expressed in £ sterling. The Commission has estimated that our adjusted net contribution in respect of the 1980 budget would be about 610 million units of account. At the present exchange 857W rate of 1.65 units of account to the pound, this would amount to £370 milion. A 1 per cent. rise in sterling would reduce this to about £366 million while a 10 per cent. rise would reduce it to about £336 million.