HC Deb 19 May 1975 vol 892 cc304-5W
Mr. Spearing

asked the Minister of Agriculture, Fisheries and Food what will be the cost to the Exchequer of the guarantee it is to give in respect of the new system of forward quotations of the equalised price for sugar referred to in his Written Answer of 13th May. column 76.

Mr. Peart

Taking into account the price of £260 per ton which the Government have guaranteed for Commonwealth raw sugar shipped in 1975, sales of refined sugar at the forward quotations initially introduced would mean a loss for the refiners concerned of around £90 per ton, and therefore an Exchequer payment of the same amount. However, it is impossible at this stage to forecast what quantities will be sold at these forward prices, which are subject to change at any time in the light of the prices at which other sugars are on offer.

Units of Account Sterling Equivalent
Cereals 399,760,604.82 166,566,918.68
Rice 1,199,895.03 499,956.26
Milk and Milk Products 1,221,046,237.39 508,769,265.57
Oils and Fats 146,733,905.34 61,139,127.23
Sugar 108,823,052.55 45,342,938.56
Beef and Veal 320,768,406.52 133,653,502.72
Pigmeat 67,136,546.24 27,973,560.93
Eggs and Poultry 16,873,830.12 7,030,762.55
Fruit and Vegetables 66,906,013.32 27,877,505.55
Wines 41,965,337.76 17,485,557.40
Tobacco 187,608,902.54 78,170,376.06
Fisheries 1,169,246.92 487,186.22
Common organisation of markets in other sectors and products 35,511,698.18 14,796,540.91
Agricultural products processed into goods not included in Annex II to the EEC Treaty 13,292,787.12 5,538,661.30
Accession Compensatory Amounts granted in respect of intra-Community trade 332,539,590.01 138,558,162.50
Expenditure due to the monetary situation 145,930,899.02 60,804,541.26
Appropriations for the discharge of liabilities from accounting periods prior to 1st January 1971
Provisional commitments to be distributed to Budget headings
TOTAL 3,107,266,952.88 1,294,694,563.70
Units of Account Sterling Equivalent
Projects for improving the structure of agriculture referred to in Article 13 of Regulation No. 17/64/EEC
Joint schemes in particular sectors 48,856.76 20,356.98
Special measures 17,916,494.98 7,465,206.24
TOTAL 17,965,351.74 7,485,563.22
* Guarantee Section expenditure consists of FEOGA refunds on exports to Third Countries and of intervention within the Community.
† Provisional figures of payments actually made.
Units of account converted at the rate of £1 = 2.4 units or account.

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