§ 42. Mr. de Freitas
asked the Chancellor of the Exchequer the internal purchasing power of the £ sterling at the most recent convenient date, compared with a purchasing power of 20 shillings in October, 1951.
§ The Chancellor of the Exchequer (Mr. R. A. Butler)
The internal purchasing power of the £ sterling is estimated on the basis of the latest available figures to 1036 have been 18s. 9d. in September, 1954, compared with 20s. in October, 1951. This 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.
§ Mr. Butler
Her Majesty's Government will explain it by contrasting it with the disastrous failure of the previous Government.