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Guaranteed Prices

Volume 894: debated on Thursday 26 June 1975

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asked the Minister of Agriculture, Fisheries and Food if he can estimate by what percentage United Kingdom guaranteed prices for agricultural commodities would rise if the green pound was devalued by the entire difference between the present representative rate of the green pound and the £ sterling's current true market value; and to what prices the guaranteed price of wheat, barley, oats, milk and beef and pigs would rise.

The difference between the representative rate and the market rate of the £ sterling in the week ending 24th June was almost 20 per cent. The guaranteed price for pigs will end next month. If the representative rate were altered to the market rate, decisions on the guaranteed prices for milk and cereals would be a matter for the United Kingdom Government, subject to the rules under the Act of Accession. The maximum permitted guaranteed price for milk, which is set in units of account in EEC regulation 587/75, would rise to 40·52p per gallon until 15th September and to 42·36p per gallon from 16th September to the end of the marketing year. Decisions on the United Kingdom monthly target prices for beef would also be for the United Kingdom Government.