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Fears that Britain could be forced to withdraw from its most prestigious
European collaborations because of the devaluation of the pound have faded.
The European Space Agency and CERN, the European centre for particle physics,
have agreed to cut Britain’s payments. ‘Things are not as bad as they looked,’
says Mark Richmond, head of the Science and Engineering Research Council.

Subscriptions to ESA are paid in Ecus and to CERN in Swiss francs. When
Sterling was devalued in September, Britain faced an unexpected bill of
up to £10 million for each project. The Department of Trade and Industry,
which pays 75 per cent of Britain’s subscription to ESA, threatened to pull
out of the programme to build Columbus, ESA’s contribution to the international
space station. The SERC warned that it might have to consider pulling out
of CERN.

But at a meeting late last month, the annual recalculation of the CERN
budget cut Britain’s contribution from Sf139.4 million in 1992 to Sf124.7
million in 1993. Although sterling’s fall means this year’s bill is still
higher in pounds, the SERC has a stockpile of foreign currency, which will
help it to absorb the extra cost.

Meanwhile, at ESA an agreement was hammered out to halve payments due
from Britain and other countries whose currencies have been devalued recently.
Britain will now have to find only an extra £1.4 million in 1994
and £5 million in 1995. Negotiators now hope that Britain will remain
part of the Columbus project.