HC Deb 06 July 1944 vol 401 cc1313-4
60. Mr. Denman

asked the Chancellor of the Exchequer what is the present domestic value of the pound sterling by comparison with its value in March, 1939.

Sir J. Anderson

Estimates of changes in the domestic purchasing power of the pound over the whole field of personal expenditure on consumption can, obviously, only be very approximate. Figures are, in any case, not available for the month of March, 1939, or the present time. Certain estimates of relative levels of retail prices, excluding specific indirect taxes and increased by subsidies, are given, with qualifications, for the years 1938 to 1943 in Table C of the 1944 White Paper on the National. Income and Expenditure. On the basis of those estimates the domestic purchasing power of the pound in 1943 was about 71 per cent, of that in 1938.

Mr. Denman

Will my right hon. Friend inform the War Damage Commission of this depreciation of money, so that they can exercise the authority given them to recommend a revision of the 1939 standard?

Sir J. Anderson

I do not think The War Damage Commission require any information from me on that point.

Sir Waldron Smithers

Does my right hon. Friend's answer take into account the Stabilisation Fund?

Sir J. Anderson

I do not think that arises.

Mr. Stokes

If the War Damage Commission are to be given this advantage, will the right hon. Gentleman see that all compensation paid to Service men and their relatives under their war arrangements receives equally fair adjustment?

Sir J. Anderson

There is no question of the War Damage Commission receiving any advantage.