HC Deb 11 July 1916 vol 84 c190
20. Mr. HANCOCK

asked the Chancellor of the Exchequer what the purchasing power of the sovereign was on 1st March, 1915 and 1916, as compared with its purchasing power on 1st March, 1914?

The PARLIAMENTARY SECRETARY to the BOARD of TRADE (Mr. Prety-man)

I have been asked by my right hon. Friend to reply to this question. The average percentage increase in cost of food, clothing, etc. (including rent), is estimated to have been 16 per cent. between March, 1914, and March, 1915, and 33 per cent. between March, 1914, and March, 1916—in other words, it would have required a sovereign in March, 1916, to purchase an amount of the above commodities which would have cost 17s. 3d. in March, 1915, or 15s. in March, 1914.

Mr. HOGGE

Does that mean that the old age pension is now worth only 3s. 9d. a week?

Mr. SPEAKER

The hon. Member can make the calculation for himself.