§ Mr. Austin Mitchellasked the Chancellor of the Exchequer what is his estimate of the increase in cost to the European Economic Community budget of the decision not to revalue the deutschmark for the purposes of the common agricultural policy; and what effect this will have on (i) the United Kingdom contribution to the European Economic Community budget and (ii) trade between the United Kingdom and West Germany.
§ Mr. BrookeAs part of the 1984 CAP price fixing agreement, the Agriculture Council agreed to an immediate and substantial revaluation of the deutschmark for purposes of the common agricultural policy and that the remaining positive monetary gap would be removed not later than the 1987 price fixing. We expect the Commission to bring forward proposals to that effect shortly.