§ Mr. Deakinsasked the Chancellor of the Exchequer what will be the effect on the United Kingdom balance of payments in 1980, 1981 and 1982 of the recent agreement on the United Kingdom budget contributions to the EEC.
§ Mr. Lawson[pursuant to his reply, 9 June 1980, c. 29] : The direct effect of the recent agreement on the United Kingdom's budget contributions to the Community will be to improve the invisible account of the balance of payments compared with what would otherwise have been the case. The improvement in respect of 1980 and 1981 will be of the order of £700 millions and £850 millions respectively. The effect in 1982 will depend on the outcome of the radical review of the pattern of Community expenditure and financing to be undertaken before that year. The precise timing of the savings is not yet known.