§ 59. Mr. Crouchasked the Chancellor of the Exchequer what is the present internal purchasing power of the 1914 pound sterling.
§ Mr. GaitskellOn the basis of the cost-of-living index, the value of the pound had fallen from 20s. in 1914 to 12s. 10d. in 1938. Between 1938 and 1950, on the basis of the price index given in the National Income White Paper for all consumers' goods and services the value of the pound fell further to 6s. 8d. Since then, on the basis of the interim index of retail prices there has been a fall to 6s. 4d. in April, 1951.