§ Mr. McLoughlinTo ask the Minister of Agriculture, Fisheries and Food if he is able to announce the guaranteed price for wool for the 1988 clip; and if he will make a statement.
§ Mr. MacGregorTogether with the Secretaries of State for Scotland, Wales and Northern Ireland, I have reviewed the state of the wool market and prospects for the 1988 clip. We have decided to maintain the price guarantee for the 1988 wool clip at 129p/kg.
The prices achieved by the British Wool Marketing Board for United Kingdom wool continued to improve in 1987. Average market prices for the 1987 clip rose above the prevailing guarantee, enabling the board to make repayments to the stabilisation fund from August last year. This brings the outstanding deficit down to about £17.8 million.
Stocks of wool are low; demand continues to be good; and the Wool Board is confident of the prospects for 1988.