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EU: UK Contributions

Volume 698: debated on Monday 28 January 2008

asked Her Majesty's Government:

What will be the effect on the sterling value of United Kingdom contributions to the European Union budget in 2008 of the devaluation of the pound against the euro since 6 September 2007. [HL1496]

United Kingdom traditional own resources are both collected and paid in sterling and are not therefore affected by exchange rate fluctuations. United Kingdom VAT and GNI-based contributions, and the United Kingdom abatement throughout 2008 will be converted from the euro figures shown in the EC Budget into sterling at the exchange rate on the last working day of 20071.

1 The exchange rate on 31 December 2007: €1=£0.73335 or £1=€1.363605