§ 18. Mr. Spenceasked the Minister of Agriculture, Fisheries and Food if he will make an assessment of the effect on British agriculture of abolishing the system of monetary compensatory amounts.
§ Mr. Peter WalkerTo abolish the current United Kingdom monetary compensatory amount, the green pound would have to be revalued by about 10 per cent, thereby reducing support prices in the United Kingdom by 9.1 per cent. This would have even more severe consequences for British agriculture than the 4.4 per cent, revaluation proposed by the Commission in the context of its price proposals for 1982–83.