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Mr. Richard Shepherd
asked the Minister of Agriculture, Fisheries and Food what estimate he has made of the change in the net contribution which Great Britain makes to the EEC in consequence of a 5 per cent. devaluation of the green pound.
Mr. Buchanan-Smith
:On the basis of Commission data it is estimated that the recent 5 per cent. devaluation of the green pound will reduce the United Kingdom's net contribution to the EEC budget by about £17 million over a full year, without allowing for the effect of any consequential changes in production or consumption.