ABSTRACT
The Common Market was set up in March 1957 with the signing of the Treaty of Rome, whose objective is to remove the barriers to trading between the member countries. Britain agreed to the Common Agricultural Policy of the Six, thereby giving preference to Community produce and phasing out purchases from the Commonwealth. The ‘Payment Cost’ of entry would rise if Britain were to de-value again. This would mean an increase in food prices in terms of sterling, as the Community rules fix farm prices in terms of gold, although there is usually a transitional period. While the arguments about the much larger consumer market, the economies of scale, the availability of capital, have convinced the greater part of British industry and brought the endorsement of the Confederation of British Industries, there are some weighty economic arguments which throw doubts on the optimistic prospects for British growth after entry.
