§ Mr. YeoTo ask the Minister of Agriculture, Fisheries and Food what representations he has made in the EU on the replacement of the agri-monetary system with arrangements that protect British farmers from the effects of a strong pound or weak euro on the value of agricultural subsidies. [122989]
§ Mr. Nick Brown[holding answer 22 May 20001: In December 1998 I successfully negotiated the new agrimonetary system, which is simpler and more transparent than the previous arrangements.
By the end of 2000 we expect to have paid around £418 million in agri-monetary compensation under the new system, with a further £44 million to be paid by the end of next year. This is in addition to the £133 million paid in compensation under the pre-euro system, leading to total expenditure since 1997 on agri-monetary compensation of around £595 million.