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Published online by Cambridge University Press: 21 November 2017
Successive UK Governments have supported the market for finished cattle by various subsidy schemes. One of these depended on making up the difference between the average market price and a predetermined guaranteed price on an individual animal basis when market prices fell below the guaranteed price. To operate this deficiency payment scheme the classes of stock eligible for payment had to be defined and their average market price calculated, and so the concept of a “certification standard” or grade evolved.