agrimonetary compensation to the arable sector, which became
available on 1 July 2001.
yesterday, Lord Whitty and Elliot Morley stated:
'We have considered the case for payment of optional agrimonetary
compensation to the arable sector. Whilst we acknowledge the
difficulties that the sector is facing, we have decided not to draw
down these funds given the many competing demands on the exchequer at
present, not least the cost of eradicating foot-and-mouth disease.
The arable sector will, however, receive£28m in compulsory
agrimonetary compensation this Autumn.'
1. The compensation referred to in this notice results from the
provisions of Council Regulation 2799/98 relating to the agrimonetary
system. The revised agrimonetary system converts CAP payments set in
euro into national currency in the three member states not
participating in the Euro. For the latter member states it also
provides for optional compensation to be made available if national
currency proves stronger than the euro, resulting in decreased prices
in national currency for direct aids and market support measures
(such as export refunds).