HC Deb 03 May 1949 vol 464 cc815-6
31. Sir W. Smithers

asked the Chancellor of the Exchequer if, taking the purchasing power of the £1 in 1914 as 100, he will give the corresponding figure for the latest available date.

Mr. Jay

In March, 1949, the purchasing power of the pound reckoned over the whole field of consumers' expenditure, was about 35 per cent. of its purchasing power in 1914.

Sir W. Smithers

Is the hon. Gentleman aware that if this Government remain in power, the purchasing power of the pound will go to nothing? What is the good of 100 paper pounds a week if the money is worthless?

Mr. Jay

The hon. Gentleman forgets that a large part of the fall occurred between 1914 and 1920.