§ 39. Mr. Dykes
asked the Chancellor of the Exchequer what assessment he is able to make of the likely net contributions by the United Kingdom to the different funds and institutions of the Community in 1975–76 as a result of the renegotiation 423W of the terms of British membership concluded at the Dublin summit.
§ Mr. Joel Barnett
The Budget correcting mechanism agreed in Dublin will result in a refund when our gross contribution to the Community budget goes significantly beyond what is fair in relation to our share of Community GNP. Because of the limit on our contributions under the Treaty of Accession, we do not expect to qualify in 1975–76. However, the United Kingdom's net contribution to the Community budget in 1975–76 is likely to be substantially lower than the £130 million forecast in "Public Expenditure to 1978–79" (Cmnd. 5879), because of higher than forecast receipts—for example, from the new United Kingdom beef régime.