Pound (Purchasing Power)

HC Deb 20 March 1951 vol 485 c2294

46. Mr. Osborne

asked the Chancellor of the Exchequer what was the internal purchasing power of the £ on 1st March, 1951, as compared with 20s. on 1stAugust, 1945.

Mr. Gaitskell

Information in respect of the dates in the Question is not available but it was about 15s. 6d. in February, 1951, as compared with 20s. over 1945 as a whole.

Mr. Osborne

Does the Chancellor agree with the "Economist" editorial at the week-end, that this year we are likely to see a catastrophic fall in the internal purchasing power of the pound?

Mr. Deputy-Speaker

That question does not arise.

Sir W. Smithers

Is not the short answer to all these questions that the philosophy of Socialism has ruined our national credit?