§ 21. Lieut.-Colonel Liptonasked the Chancellor of the Exchequer what the internal purchasing power of the £ sterling now is, taking the figure for October, 1951, as £1.
§ Mr. MaudlingThe internal purchasing power of the £ sterling is estimated on the basis of the latest figures to have been 18s. 11d. in April, 1954, compared with 20s. in October, 1951. The calculation is based on the price index for all consumer goods and services between 1951 and 1953 and the Interim Index of Retail Prices thereafter.
§ Lieut.-Colonel LiptonAs the figure for last February was 19s. 2d. and it has now fallen to 18s. 11d., will the Economic Secretary say what has happened since last February which, despite the good intentions of the Government, has reduced the internal purchasing value of the £?
§ Mr. MaudlingYes, Sir. I anticipated that the hon. and gallant Gentleman, with his usual acuity, would have spotted that point. This is almost certainly a seasonal movement, because precisely the same movement took place in 1953.