§ Mr. Lubbock
asked the Minister of Agriculture, Fisheries and Food if he will refer to the National Board for Prices and Incomes the price of tea, following devaluation of the rupee.
§ Mr. Hoy
No. It is not yet clear what effect the devaluation of the rupee and associated measures will have on the average price of U.K. imports of tea (of which India currently provides about half). The bulk of the tea imported from India is sold on the London auctions at sterling prices determined by the interaction of supply and demand.360W
Simultaneously with devaluation, moreover, India imposed a substantial export duty on tea.