§ 49. Sir T. Mooreasked the Chancellor of the Exchequer what was the value of the pound sterling in purchasing power in this country on 31st December, 1947, as compared with 31st December, 1937.
§ Sir S. CrippsTaken over the whole field of consumers' expenditure the purchasing power of the pound sterling at 16th December, 1947, is provisionally estimated to be about 60 per cent. of its purchasing power in the year 1938.
§ Sir T. MooreWould the right hon. and learned Gentleman term that condition as inflation?
§ Sir S. CrippsNot necessarily.