HC Deb 19 November 1992 vol 214 c373W
Mr. Morley

To ask the Minister of Agriculture, Fisheries and Food if he will press the EC to phase in any monetary compensatory amount adjustments due to take effect from 1 January.

Mr. Curry

Monetary compensatory amounts are due to be abolished when new agrimonetary arrangements compatible with the single market are put in place on 1 January 1993. Under the new system, the green exchange rates used to convert EC prices into sterling will be kept in line with market exchange rates. The Government have phased in the adjustment to the new system by asking the Commission to propose a 7 per cent. devaluation of the green pound. This was agreed at the Agriculture Council on 16 November. If the present market exchange rate for sterling continues until the end of the year, a further devaluation of the green pound will be necessary.

Forward to