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AGRIMONETARY COMPENSATION FOR THE ARABLE SECTOR

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The government has been considering the case for payment of ...
The government has been considering the case for payment of

agrimonetary compensation to the arable sector, which became

available on 1 July 2001.

In replies to questions in both the house of commons and lords

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.'

Note:

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).

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