§ 13. Mr. Doddsasked the Chancellor of the Exchequer the purchasing value of the £ sterling at the latest convenient date compared with 20s. in October, 1951.
§ The Economic Secretary to the Treasury (Sir Edward Boyle)Taking the internal purchasing power of the £ sterling as 20s. in October, 1951, it is estimated that the corresponding figure for March, 1955, was 18s. 6d. The calculation is based on the price index for all consumer goods and services from 1951 to 1954 and the Interim Index of Retail Prices thereafter.
§ Mr. DoddsWhat a shocking revelation for a party that is shortly going to the country. Does the Minister appreciate that in October, 1953, the £ was worth 19s. 2d.? Is this not a terrible position to get into?
§ Sir E. BoyleThat is exactly what the hon. Gentleman said when he asked this question of my predecessor, the present Minister of Supply.