HC Deb 30 January 1951 vol 483 cc722-3
59. Mr. Osborne

asked the Chancellor of the Exchequer when, and at what level, does he plan to achieve stability of the pound sterling.

Mr. Gaitskell

The value of the pound sterling in terms of the dollar and other foreign currencies is stable and I see no reason why it should not remain so. If the hon. Member is referring to the value of the pound in terms of commodities, he should surely be aware that the decline in this is very largely due to the higher prices of our imports and that these have to be bought in world commodity markets which are not within our control; the hon. Member is no doubt also aware both of the steps taken by His Majesty's Government to secure international action to deal with the problem and of the policies to combat inflation internally so success- fully carried out by my predecessor and which to the best of my ability I intend to continue.

Mr. Osborne

As the internal purchasing power of the pound has dropped from 20s. in 1945 to 15s. 10d., does not the Chancellor think that some special steps ought to be taken to protect holders of National Savings Certificates and people who save their money?

Mr. Gaitskell

I do not think this is a question of special steps: it is a question of general policy.

Mr. Maudling

Is the Chancellor satisfied that the present system of fixed parities is really in the best interest of the country at present?