§ Lord Stoddart of Swindon
asked Her Majesty's Government:
Whether they will instruct all departments dealing with European Community financial matters to give amounts in pounds sterling, with, where necessary, the ecu equivalent given in brackets.20WA
§ Lord Strathclyde
It would be misleading to give primacy to pounds sterling. The Community budget and proposals with budgetary implications are denominated in ecus. The cost of a given programme is constant in ecus, but not in pounds sterling, because the pound/ecu exchange rate varies. The Government's long-standing practice is therefore to state the amount in ecus, with the sterling equivalent in brackets; and to say what conversion rate has been used.